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LSDefine
Simple English definitions for legal terms
error in fact
Read a random definition: cornering the market
A quick definition of error in fact:
Error in fact is when someone makes a mistake about something important in a deal or agreement. This mistake can make the deal not fair or not workable. It's different from a mistake about what the law says. If both people in the deal make the same mistake, it's called a mutual mistake. If only one person makes the mistake, it's called a unilateral mistake. Sometimes, if there is a mistake, the deal can be cancelled or changed.
A more thorough explanation:
Definition: Error in fact refers to a mistake or misunderstanding about a fact or situation that is material to a transaction or agreement. It can occur when one or both parties have a belief that does not correspond to the facts or law.
Examples:
- John sells his car to Jane, believing it has 50,000 miles on it when it actually has 100,000 miles. This is an error in fact.
- Tom signs a contract to buy a house, believing it has a swimming pool when it actually does not. This is also an error in fact.
These examples illustrate how an error in fact can occur when one party has a mistaken belief about a material fact that affects the transaction or agreement. In both cases, the mistaken belief could have led to a different outcome if the parties had known the true facts.