A misunderstanding or mistake by both or all parties to a contract, which is not canceled as a result of a superficial mistake but is void if the mistake is with regard to a fundamental or essential part of the agreement. For example, if the parties thought that a pregnant horse was being sold but, upon inspection, it is discovered that the animal is a sterile mule. … [Read more...]

Wills that are made by each spouse or two members of a partnership that have nearly identical provisions; also called mirror wills or reciprocal wills. … [Read more...]

Reciprocation; interchange. An acting by each of two parties; an acting in return. In every agreement the parties must as regards the principal or essential part of the transaction, intend the same thing; i.e.. each must know what the other is to do. This is called "mutuality of assent." Chit. Cont. 1& In a simple contract arising from agreement it is sometimes the essence … [Read more...]

The notion that both parties are equally bound or not bound to something. One party cannot be bound while the other is not. … [Read more...]

Where both parties logically and reasonably must receive an equitable remedy if one is awarded. … [Read more...]