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Derrick, an expert collector of stamps, sees various collector stamps in a dealer's showroom. The dealer states that the collector stamps are worth $15,000, Derrick

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Derrick, an expert collector of stamps, sees various collector stamps in a dealer's showroom. The dealer states that the collector stamps are worth $15,000, Derrick says that he wishes to check this valuation. An independent expert assures Derrick that such a price would be fair for the collector stamps. Derrick buys the collector stamps. Ten yea rs later when he comes to resell it Derrick discovers that, unknown to the dealer who sold it to him, the collector stamps are fake and worth nothing. Which one of the following is true? As Derrick relied on his own expert, the dealer made no misrepresentation. Furthermore, there will be no remedy for mistake. The dealer made an innocent misrepresentation and so Derrick can rescind the contract. ((3 The dealer made an innocent misrepresentation but Derrick will be too late to avoid the contract. ([9 The dealer will be liable for breach of contract because his statement about the collector stamp was a term

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