Problem Solving - Contract - Vitiating Factors - Mistake - using New Zealand law

Marie has an XY laptop computer she wants to sell. Her friend Jeremy wants to buy it, he has used the computer before and likes it. They discuss the price and agree that since the computer costs $2,000 when it was new one year ago, $1,500 would be fair. Unknown to either of the friends, the computer is actually two years old. Jeremy agrees to buy the computer and then finds out the truth about its age. He wants to cancel the contract and comes to you for advice.

Identify the legal issues, set out and apply the relevant legislation and case law and reach a conclusion based on the law. Give reasons for your application of the law.