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06:48 Jun 26, 2001
Latin to English translations [Non-PRO] Bus/Financial
Explanation: In the common law system the basis of contract is a "consensus ad idem" or meeting of the minds. If one mind is defective there is no real mutual intent to contract, hence there should be no contract. Such a transaction should be void and the loss, if any, should fall where it lies.
Mistake and Frustration
If both parties to a contract make the same mistake in relation to it, the underlying validity of rulings, as we have noted, are binding on UK courts under the European Communities Act 1 the contract will be destroyed as there will be no "consensus ad idem" - meeting of minds. They will never have reached the agreement they intended.
You'll find details explanations of the meaning of the term at