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?

Question

04-11-2022
Business

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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?

Answer :

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-11-07T18:09:24-05:00

The thing that will happen if the owner tried to cancel the contract is that A. the mistake of value of not a valid defense to a contract so the owner could not get his fiddle back.

What is a contract?

A legitimate contract is a legally binding and enforceable agreement. In a legitimate contract, both parties are legally bound to carry out the terms of the agreement.

Option 1 is the correct answer because, in order for a contract to be legitimate, all five elements must be present, one of which is a valid offer and acceptance by the other party; even at a lower value, it is still valid if no misrepresentation is made by either party.

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