Kanika
3 Mistakes in a contract !
Kanika bhardwaj 29 Apr 2020

3 Mistakes in a contract !

These are the mistakes that entrepreneurs/ businessmen generally overlook and then suffer the consequences because as per law, if any of these mistake is claimed by any party to contract, the contract may become invalid or voidable. 1-Unilateral mistake-when 1 party is mistaken as to the terms of contract. Where 1 party is under a different perception. e.g A agrees to buy seeds from B thinking that seeds are old. After entering into contract,A came to know that seeds are new. Now A could not avoid this contract just because he thought that seeds were old. It is a mistake on part of A. 2-Mutual mistake-Where both parties have different perception about terms of contract. Here the party that is adversely affected will move the Court and will suffer the most even though mistake is from both parties. Note that here both parties will do a different mistake which will make contract void or voidable. 3-Common mistake-Where both parties make same mistake. Under mistake, a party may avoid a contract or force a contract on someone for his gain which may result in 1 party suffering losses. Thus,proper drafting, negotiation, interpretation of contract & reviewing must be done in order to avoid such mistakes. Kanika Bhardwaj,Advocate New Delhi-9582000415

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