Edmund buys a three-year-old fitness watch from Joan for $300. Joan tells him the price seems fair, but she doesn't really know what it's worth, and she just wants to get rid of it. Edmund is happy with his purchase.

Later, however, Edmund discovers the fitnesswatch isn't worth nearly that much. He wants to rescind the contract, claiming they made a mutual mistake about value, but Joan refuses.

Who should win in this case, and why?

1.Maxwell should win because there was a mistake of fact at the time the contract was entered.

2.Joan should win because beingwrong about the value of an item does not affect the validity of a contract.

3.Joan should win because the price seemed fair at the time of the agreement.

4.Maxwell should win because if one party makes a mistake as to value, this means there was never a meeting of the minds.