William tells Carol that he paid $150,000 for his farm in 2011 and that he believes it

Question:

William tells Carol that he paid $150,000 for his farm in 2011 and that he believes it is worth twice that at the present time.

Relying upon these statements, Carol buys the farm from William for $225,000. William did pay $150,000 for the farm in 2011, but its value has increased only slightly, and it is presently not worth $300,000.

a. On discovering this, Carol offers to reconvey the farm to William and sues for the return of her $225,000. Result?

b. Modify the facts in

(a) by assuming that William had paid

$100,000 for the property in 2011. What is the result?

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