Mistake (contract law) void. Traditionally, Caveat Emptor (let the buyer beware), and under Common Law Caveat Venditor (let the seller beware). A contract might be voidable from unilateral mistake for any of the following: A mutual mistake occurs when the parties to a contract are both mistaken about the same "material" fact within their contract. They are at cross-purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable. "Collateral" mistakes will not afford the right of rescission. A collateral mistake is one that 'does not go to the heart' of the contract. For a mutual
Buyer-determined auction determine under what circumstances a buyer would prefer this format have been explored. Buyer-determined auction A Buyer-determined Auction is a type of reverse auctions in a procurement setting, also known simply as procurement auctions. These are auctions where bidders are the sellers, and they bid on a contract to provide supplies to the buyer. A common form of procurement auction is known as a scoring auction. In that auction form, the score that the buyer gives each bidder depends on well-defined attributes of the offer and the bidder. This scoring function is formulated and announced prior to the start of