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An error is a misunderstanding of one or more parties and can be invoked as a reason for the invalidity of the agreement. The Common Law has identified three types of errors in the treaty: frequent errors, reciprocal errors and unilateral errors. The main advantage of an agreement that does not meet the criteria of a treaty is that it is informal in nature. If the parties have a long-standing relationship and share a significant degree of trust, the use of an agreement without a contract can save time and allow for greater flexibility in the execution of agreed commitments. Agreements that do not contain all the necessary elements of a contract may also be more practicable in situations where the preparation of a contract would prove prohibitive for the parties concerned.