49. Rescission for mistake.

49.     Rescission for mistake.

Historically it is doubtful that equity had any role in setting aside mistaken transactions, other than to follow the law1. It is true that from the mid-twentieth century a line of authorities evolved which suggested that it had a wider jurisdiction2, stating that equity could not only set aside a transaction for mistake on grounds which, if they existed at law, would result in the parties being not liable to perform3, but could do so also on grounds which would not have that effect at law. But these were discountenanced by the Court