When Santino Simms and Luna Batista divorced, they agreed to split their assets equally without specifically mentioning any stock accounts. They owned an account with Bernie L$.$ Milford Investment Securities estimated to be worth $$5\mathrm{.}4$ million. Simms kept the account and paid Batista more than $$6\mathrm{.}5$ million, including $$2\mathrm{.}7$ million to offset the amount that they believed was in the account. Two years after the divorce agreement was signed, Simms learned that the account actually never existed due to its manager$$s fraud.

Assessment content

Apply It: Bilateral Mistake

Assessment details

Total points: $--/100$

Attempts left: $2$

Assessment question

Identifying the Facts and Issues

This contract

has

all of the four required elements of a contract: agreement, capacity, consideration, and legality. When the parties learned that the Milford account was worthless,

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would want to get out of this contract because

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kept the worthless account and paid

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cash for one$-$half of the supposed value.

Assessment question

If a court does not enforce the contract betw