mistake

1. General: Something that doesn't work out in search for a solution. Often used interchangeably with error.

2. Law: Misunderstanding or erroneous belief about a material-fact which may prevent formation of a valid contract. It is of three basic types (1) Common mistake: all parties make the same error. (2) Mutual mistake: all parties are mistaken or fail to understand each other. (3) Unilateral mistake: only one party is mistaken.

A wise person can learn from a fool but a fool cannot learn from a wise person. When considering mistakes and lessons in business, be the wise person that learns from a fool's mistakes instead of being the fool who is unable to learn from any mistakes.

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