Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bilateral Mistake of value 2. What best describes Wichelaus and Raffle's rights under the contract? a. The contract is enforceable, however only Wichelhaus has the

image text in transcribed
image text in transcribed
Bilateral Mistake of value 2. What best describes Wichelaus and Raffle's rights under the contract? a. The contract is enforceable, however only Wichelhaus has the right to rescind. b. The contract is enforceable, however only Raffles has the right to rescind. c. The contract is enforceable; however both Wichelhaus and Raffles have the right to rescind the contract. d. The contract is void and unenforceable against either party. B. Expert baseball card collector Wrzesinski, owner of 40,000 baseball cards, spotted a 1968 Nolan Ryan rookie card at the BallMart, a newly opened baseball card store. The price of the card was marked as "1200/." wrzesinski was prepared to pay $1,200 for the card as that was its fair market value, however an inexperienced sales clerk interpreted this figure to mean $12.00 and accepted that amount in for the card. The proprietor of the Ball-Mart, claimed that the card had been offered for sale at $1,200 and asked for it back. What legal theory best describes the situation? a. Unilateral Mistake of Fact b. Mistake of Value c. Bilateral Mistake of Fact d. Fraud ons 4-6 are based on the following: Clarissa found a pretty stone the size of a canary's egg. She took it to Boyton, a local merchant who had no idea what the stone was. Boyton offered and Clarissa accepted $1 for the sale ofthe stone. It later turned out that the stone was in fact an uncut diamond and worth $70,000. This situation could best be described as

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Proli Footwear Inc An Audit And Fraud Simulation For Team-Based Student Learning

Authors: Patricia Poli, Richard Proctor

2nd Edition

0615455492, 978-0615455495

More Books

Students also viewed these Accounting questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago