You collect antiques and regularly travel the country looking for good deals. In your wanderings, you find an old fiddle and offer the owner $$5.$ The owner accepts, and you take your treasure home. After you get the fiddle home and do your research on it$,$ you discover the fiddle is actually worth $$5,000.$ What a find!

What do you think would happen if the owner tried to cancel the contract and get the fiddle back?

Mutual mistake is a valid defense to a contract, so the owner could get his fiddle back.

Mutual mistake is not a valid defense to a contract, so the owner could not get his fiddle back.

Mistake of value is not a valid defense to a contract, so the owner could not get his fiddle back.

Mistake of value is a valid defense to a contract, so the owner could get his fiddle back.