Max is considering buying his aunt Fox's house as an investment. During the negotiations, Fox states, "This house is worth $200,000 and I've had two separate it X 171 valuations from estate agents verifying that, but since I love you so much I'll sell it to you for $180,000." Fox has not received any valuations from estate agents and the house is worth only $120,000. Max buys the house for $180,000. Two weeks after LAJ Max has completed the sale and moved into the house, he discovers that Fox did not receive any valuations from estate agents. The same week, Max discovers that the value of the house has been reduced to $80,000 due to serious damage caused by the collapse of a supporting wall. At this point, a buyer offers $80,000 for the house. Max does not sell the house until three months later, when Max only receives $75,000 for the house because of a general fall of the property market. Required: (1) Apply critical thinking approach to analyze the case. (2) In relation to Max's current situation, advise him on the basis of Contract Law