Which of the following statements is the best description of ‘common mistake’? January 1, 2023 by admin Both parties have made the same mistake about the existence or identity of the subject matter of the contract. One of the parties is mistaken as to the nature of the document which they have signed. Both parties are mistaken about a material fact that is important to the subject matter of the contract. One of the parties is mistaken about a material fact regarding the subject matter of the contract, and the other party takes advantage of this mistake. See Answer Both parties have made the same mistake about the existence or identity of the subject matter of the contract.