In this article, a mistake in the formulation of the modified Fisher model (MFM) derived in the pioneering works of the Purdue group is addressed and corrected by reversing the sign of the mixing entropy term in the original formulation. The errors in the results of the previous MFM-related studies, such as isotopic yield distribution, isobaric yield ratios, isoscaling, $m$ scaling, self-consistent determination of density, symmetry energy, and temperature, and density and temperature determination related to the intermediate mass fragment (IMF) freezeout, are quantitatively analyzed. It is found that the errors originating from the mistake in sign of the mixing entropy term are generally small and even have no effect in some cases.