= Unilateral Mistake definition
= Unilateral Mistake. One party is mistaken, while the other knows that but does nothing correct it ․ Summary of statutes / cases of insolvency & company restructuring - s 95A : ‘Definition of insolvency’ → A company (person) is insolvent when one is NOT solvent - ▇▇▇▇▇▇ v Aira Pty. : A temporary lack of liquidity does NOT signify insolvency - s 411(4)(b) : ‘Court Approval’ → Court approval is required to initiate a scheme and a creditor meeting - s 411(10) : ‘ASIC lodgement’ → Court order approving the scheme must be lodged with ASIC - s 412 : ‘Explanatory Statement’ → Company must send statements and other relevant info to attendees
= Unilateral Mistake usually does NOT render the contract voidable. If the other party knew or should have known the mistake, and the mistake is about a material fact, the contract is voidable