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The Principles Of European Contract Law 2002 (Parts I, II, and III)
European Union
copy @ Lex Mercatoria
(1) A party may avoid a contract for mistake of fact or law existing when the contract was concluded if:
(a) (i) the mistake was caused by information given by the other party; or
(ii) the other party knew or ought to have known of the mistake and it was contrary to good faith and fair dealing to leave the mistaken party in error; or
(iii) the other party made the same mistake, and
(b) the other party knew or ought to have known that the mistaken party, had it known the truth, would not have entered the contract or would have done so only on fundamentally different terms.
(2) However a party may not avoid the contract if:
(a) in the circumstances its mistake was inexcusable, or
(b) the risk of the mistake was assumed, or in the circumstances should be borne, by it.
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