The position of the law is that common mistake by contracting parties in respect of the subject matter of a contract renders the contract void. In the present case, Onome has sufficient insurable interest in the life of Chief Newton who pays her school fees. However, because of the death of Chief Newton before 2 March when the contract of insurance was entered into, the subject matter of the policy had failed, thus rendering the contract a nullity. The contract therefore is void; and as a result, there is nothing upon which Onome could base a claim.