true or false In the event of a mutual mistake of material fact when entering a contract, one or both parties have the right to rescind the contract, unless the mistake was regarding the value of the item being contracted for.

Answer 1

True. In the event of a mutual mistake of material fact, either party may have the right to rescind the contract. However, if the mistake pertains to the value of the item, generally courts do not allow rescission based solely on a misunderstanding of value, as value is typically considered a subjective aspect of the contract.