Article 33 - Relevant mistake

(1) Mistake is an erroneous assumption relating to facts or law existing when the contract was concluded.
(2) A party may only avoid the contract for mistake if:
(A) the mistake relates to the existence of the subject matter of the contract, the identity the subject matter, the possibility of performing the contract, or the quality or quantity of the subject matter;
(B) when the contract was concluded, the mistake was of such importance that a reasonable Person in the same situation as the party in error would only have concluded the contract on materially different terms or would not have concluded it at all if the true state of affairs had been known; and
(C) either:
(i) the other party made the same mistake, or caused the mistake, or knew or ought to have known of the mistake and it was contrary to reasonable commercial standards of fair dealing to leave the mistaken party in error; or
(ii) the other party had not at the time of avoidance acted in reliance on the contract.
(3) However, a party may not avoid the contract if it was grossly negligent in committing the mistake or the mistake relates to a matter in regard to which the risk of mistake was assumed or, having regard to the circumstances, should be borne by the mistaken party.