Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wells Fargo Credit Corp. obtained a judgment of foreclosure on a house owned by Mr. and Mrs. Clevenger. The unpaid debt for the house was

Wells Fargo Credit Corp. obtained a judgment of foreclosure on a house owned by Mr. and Mrs. Clevenger. The unpaid debt for the house was $207,141. The foreclosure sale was scheduled for 11:00 a.m. on a specified day at the west front door of the Hillsborough County Courthouse. Wells Fargo was represented by a paralegal, who had attended more than 1,000 similar sales. Wells Fargos handwritten instruction sheet informed the paralegal to make one bid at $115,000, the tax-appraised value of the property. Because the first 1 in the number was close to the dollar sign, the paralegal misread the bid instruction as $15,000 and opened the bidding at that amount. Harley Martin, who was attending his first judicial sale, bid $20,000. The county clerk gave ample time for another bid and then announced, $20,000 going once, $20,000 going twice, sold to Harley The paralegal screamed, Stop, Im sorry. I made a mistake! The certificate of sale was issued to Martin. Wells Fargo filed suit to set aside the judicial sale based on its unilateral mistake. Does Wells Fargos unilateral mistake constitute grounds for setting aside the judicial sale? Did any party act unethically in this case? Explain your response.

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

Recommended Textbook for

Modern Auditing

Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton

7th Edition

047118909X, 978-0471189091

More Books

Students also viewed these Accounting questions

Question

Create a Fishbone diagram with the problem being coal "mine safety

Answered: 1 week ago