Mutual material mistake

{
  "id": "MLC-T-LAW-003341",
  "term": "Mutual material mistake",
  "field": "Law",
  "definition": "A situation in contract law where both parties to an agreement share a misunderstanding about a fundamental fact that is central to the contract. This mistake must relate to a basic assumption on which the contract was made and have a material effect on the agreed exchange of performances. If proven, a contract affected by a mutual material mistake may be rescinded.",
  "url": "https://mlchart.com/terminology/law/mutual-material-mistake/"
}