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Simple English definitions for legal terms

bilateral mistake

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A quick definition of bilateral mistake:

Bilateral mistake is when both parties to a contract make a mistake about something important. This mistake can be about the facts or the law. If the mistake is serious enough, the contract may be cancelled. It's like when two friends agree to trade toys, but they both think they're getting something different than what they actually get. If they both made the same mistake, they might decide to cancel the trade and keep their own toys.

A more thorough explanation:

Bilateral mistake is a situation in which both parties to a contract make the same mistake. This can happen when they misunderstand each other's intentions or when they have a belief that does not correspond to the facts or law. As a result, the contract may be voidable.

For example, if two people agree to buy and sell a car, but they both mistakenly believe that the car has a working engine, when in fact it does not, this is a bilateral mistake. The contract may be voidable because both parties were mistaken about a material fact that was essential to the agreement.

Another example of bilateral mistake is when two parties agree to a contract, but they have different understandings of a key term. For instance, if a buyer and seller agree to a sale of "widgets," but the buyer believes that the term refers to a specific type of widget, while the seller believes it refers to a different type, this is a bilateral mistake. The contract may be voidable because both parties were mistaken about the meaning of a material term.

bilateral advance pricing agreement | bilateral monopoly

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manifestmoreadmissions
10:18
for those of you wondering if admissions offices are working today i got an email from an adcomm today responding to something i sent earlier in the week
What does an interview for a transfer student at george mason mean?
trees1234567
12:02
JB was here yesterday dang it!!
LegalUsername
12:05
Are law schools open today or do they also have another day off considering it's sandwiched between July 4th and the weekend?
lawnfire2896
12:57
they're open
is wash u open
14:32
@HangingAboriginalLeopard: my lsat is a 168, but i got the fordham wl this cycle. i applied to it as a safety, so im kinda surprised about the wl
lawnfire2896
14:46
washu is open
amlaw
14:57
vanderbilt clearly is
Why clearly lol
amlaw
15:17
two acceptances today
what !! Crazy
manifestmoreadmissions
15:32
oh congrats to the vandy admits!!!
TacitSplendidShrew
17:08
Hi everybody, I am applying to schools this August. I could use some brief help with optics for my personal statement, as I am a first-gen student in every regard--even at the high school graduate level.
trees1234567
17:17
what help are you looking for!
trees1234567
17:17
happy to give advice if helpful
22:42
Hey Everyone, I am also applying this cycle and have a question about my personal statement. I want to become a lawyer because of a personal trauma I experienced in the past. Is this too sensitive of a topic to mention in a PS? I won't go into detail and only mention it as it relates to my inspiration to be a lawyer.
[] ararara
23:18
Yo! LSD has an AI consultant named Molly to help detect for red flags and trauma dumping in personal statements. You can try it at no charge by signing up for a free trial of LSD+. Think it gives you like two weeks for free or something though so be mindful of how advanced you are in PS drafts. Might want to time it so you have access when it’s most important.
[] ararara
23:20
@darthaifos33: this is just my opinion but I think it’s important to try and keep things positive if you can because it will reflect well on you if you can. I’ve been fortunate to read a lot of PSs as an lsat tutor and I’ve gotta say there is a lot of darkness in the world. It’s cliche but that’s the perfect time for your heart to shine through! Also, always keep in mind you’re applying to a professional school so there has to be that relevance I think.
[] ararara
23:22
Even though it’s impossible try to imagine a bunch of candidates who have had it way harder than what you’re saying but are also big about it. That’s why I think it looks better to be positive if you can about trauma even though it can be hard af.
23:53
Of course! I plan to positvely weave it through my narrative and relevant professional experience in a way that isn't too dark or anything like that. I just wasn't sure if it was a big taboo or anything like that
[] ararara
0:00
@TacitSplendidShrew: @darthaifos33 https://drive.google.com/drive/mobile/folders/1jsyd1Mq8RlyMVqli_BW9z1uxY2SzNtFK?sort=13&direction=a definitely try molly and check this link out as well! The only thing about molly is some apps ask if you used AI to write your statement so be mindful of what they’re asking/what you’re using molly for!
manifestmoreadmissions
9:44
is LSDs AI assistant being named molly on purpose
KimchiQueen
10:25
@manifestmoreadmissions: OMG LOL
KimchiQueen
10:26
@manifestmoreadmissions: OMG LOL
LegalUsername
10:26
lol
14:23
am I considered KJD if I am applying the summer right after May graduation?
no because you’ll have a full year before you start school
Omg lol who cares
17:09
In my opinion thats close enough @darthaifos33
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