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.
A 'minor' refers to an individual who is under the age of majority, which is specified by law. This age can range between 18 to 21 years, depending on the jurisdiction. Certain contracts entered into by minors are voidable at the discretion of the minor.
