Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John buys an old violin at a yard sale for $ 1 0 . He discovers from an appraiser that is worth $ 2 0

John buys an old violin at a yard sale for $10. He discovers from an appraiser that is worth $200,000. The former owners notify him that the violin was sold by mistake as to its value and would like to have it returned to them and they will pay him $50 to rescind the sale. Under the circumstances, must John return the violin?
a.
Yes, mistakes as to value are material and he must return it and allow rescission;
b.
No, mistakes, as to value, are not grounds for a rescission of contract;
c.
Yes, because it's only fair to allow rescission;
d.
No, unless it is a mutual mistake of value;

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

Students also viewed these General Management questions