BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -If any unilateral mistake is induced by fraud or misrepresentation, then the contract is voidable for that party who has done the mistake in the contract.

Detailed explanation-2: -Unilateral mistake (where one party is mistaken and the other knows or ought to have known of the mistake). If the mistake relates to the fundamental nature of the offer the contract can be voided.

Detailed explanation-3: -A unilateral mistake occurs when only one party is mistaken as to the subject matter or the terms contained in the contract agreement. This type of mistake is generally more common than other types of contract mistakes, such as a mutual mistake (an error that is shared by both parties).

Detailed explanation-4: -A unilateral mistake example could include when one party misunderstands what the terms of a contract are and because of that, leads to a breach of contract. This is in comparison to a bilateral mistake which occurs when both parties are mistaken about components of the contract.

Detailed explanation-5: -A bilateral mistake can usually be voided by both parties of the contract because both parties are acting under false information. Unilateral mistake of fact: When only one party is mistaken on the terms of the contract.