BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Unilateral mistakes create the right to rescind or void the contract. All persons are presumed to know the law. Punitive damages are a form of punishment. A confidential relationship between parties to the contract must always be shown to prove undue influence.

Detailed explanation-2: -Mutual Mistake of Fact: A mistake on the part of both contracting parties as to some material fact. In this case, either party may rescind.

Detailed explanation-3: -In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence.

Detailed explanation-4: -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.

Detailed explanation-5: -A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable.