Lori attends her neighbor’s yard sale and finds a beautiful vase. She purchases the vase for $25.00. After purchasing the vase from her neighbors, she takes the vase to have it appraised. Lori finds out that the vase is actually worth $5000.00!! She is so excited for getting such a good deal. Lori tells her neighbor that the vase is actually worth $5000.00. The neighbor demands the vase back. Which one is true?
a. This is a bilateral mistake of fact as to the price and the contract should be re-negotiated for fairness.
b. This is a bilateral mistake of value for which the Courts generally do not intervene and the contract is upheld to the original terms.
c. This is a unilateral mistake of value and fact for which the Courts generally do not intervene unless the mistake is egregious.
d. This is a unilateral mistake of fact and Lori is responsible if the mistake is serious enough to warrant changing the price.
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Lori attends her neighbor’s yard sale and finds a beautiful vase. She purchases the vase for $25.00....
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