<Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> A unilateral mistake is where only one party to a contract is mistaken as to the terms or subject - matter contained in a contract . This kind of mistake is more common than other types of mistake . One must first distinguish between mechanical calculations and business error when looking at unilateral mistake . </P> <P> Ordinarily, unilateral mistake does not make a contract void . Traditionally, Caveat Emptor (let the buyer beware), and under Common Law Caveat Venditor (let the seller beware). </P> <P> A contract might be voidable from unilateral mistake for any of the following: </P>

A material fact is a fact that is important to the subject matter of a contract