A bilateral mistake occurs when both parties to a contract are mistaken about the same material fact. This mutual error can result in the contract being voidable, as the actual terms do not align with the parties' expectations.
An 'error' can refer to a variety of mistakes or misjudgments across multiple fields, including general actions, legal proceedings, computer systems, and statistical analysis. Understanding the context in which an error occurs is crucial for addressing and mitigating its effects.
