Business, Legal & Accounting Glossary
Mistake means misconception, error. Mistake is where a man intending to do a lawful act does, by reason of ignorance of fact, something which is unlawful. A mistake, remediable in equity, is defined to be an act which would not have been done, or an omission which would not have occurred, but from ignorance, forgetfulness, inadvertence, mental incompetence surprise, misplaced confidence, or imposition.
Mistake is either of law or fact; when of law it is not, in general, any ground for relief in equity, the maxim ignorant juris neminen excusat being applicable to that class of mistake, but the maxim is excluded where the mistake of law is so egregious as to suggest imbecility, or when it is accompanied with imposition. When the mistake is a mistake of fact, and the fact is a material one to the contact, and it was not through any negligence of the mistaking party that it was overlooked or miss appreciated, then the mistake is almost invariably a ground or relief in equity.
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This glossary post was last updated: 18th March, 2020