Wichelhaus, a textile merchant, entered into a contract to buy a shipment of cotton from Raffles, a cotton merchant, arriving from India on the boat Peerless. However, there were two boats called the Peerless both sailing from India to England with cotton. Wichelhaus (buyer) intended to buy from the one sailing in October and Raffles (seller) intended to sell the shipment sailing in December. This situation can best be described as a: a. Unilateral Mistake of Fact b. Bilateral Mistake of Fact c. Unilateral Mistake of Value d. Bilateral Mistake of Value What best describes Wichelaus and Raffle's rights under the contract? a. The contract is enforceable, however only Wichelhaus has the right to rescind. b. The contract is enforceable, however only Raffles has the right to rescind. c. The contract is enforceable; however both Wichelhaus and Raffles have the right to rescind the contract. d. The contract is void and unenforceable against either party. Expert baseball card collector wrzesinski, owner of 40,000 baseball cards, spotted a 1968 Nolan Ryan rookie card at the Ball-Mart, a newly opened baseball card store. The price of the card was marked as "1200/." Wrzesinski was prepared to pay $1, 200 for the card as that was its fair market value, however an inexperienced sales clerk interpreted this figure to mean $12.00 and that in for the card. The proprietor of the Ball-Mart, claimed that the card had been offered for sale at $1, 200 and asked for it back. What legal theory best describes the situation? a. Unilateral Mistake of Fact b. Mistake of Value c. Bilateral Mistake of Fact d. Fraud are based on the following Clarissa found a pretty stone the size of a canary's egg. She took it to Boyton, a local merchant who had no idea what the stone was. Boyton offered and Clarissa accepted $1 for the sale of the stone. It later turned out that the stone was in fact an uncut diamond and worth $70,000. This situation could best be described as