posted a year ago
A few different types of mistakes can allow for the rescission of a contract. The first type is a mutual mistake, which occurs when both parties make the same mistake about something essential to the agreement. For example, if you and the person you're contracting with both believe that a piece of property is worth $100,000, but it's only worth $50,000, then you may be able to rescind the contract based on this mutual mistake.
Another type of mistake that can lead to rescission is a unilateral mistake. Only one party is mistaken about something essential to the agreement.