Mistake in its variety of forms: the injustice of giving securities supporting financial institution debts on an error of judgement or without informed consent
The fact that a party is acting under a mistake in respect of a contract of suretyship does not, under common law, automatically afford any general relief. The law takes a robust view of mistakes in that the parties should be careful enough to avoid them. However, an error or mistake in the recording of the contract is likely to result in the advantage of some kind to one party and disadvantage to the other. There would certainly be injustice if the party who is advantaged by the error seeks to maintain that advantage, whereupon the contract may be vitiated. Equity is somewhat more accommodating, and will intervene if the enforcement of legal rights amounts to injustice and unconscionable conduct in the circumstances.
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