Asked by
Reagan Smith
on Nov 27, 2024
Verified
Mary owns two all-terrain vehicles (ATVs) , worth $1,000 and $500, respectively. Neil enters into a contract to buy "Mary's ATV" for $750. Mary believes, in good faith, that she is selling the $500 ATV. Neil believes, in good faith, that he is buying the $1,000 ATV. In this situation
A) Mary is entitled to $750 for the $500 ATV.
B) Neil is entitled to the $1,000 ATV for $750.
C) Neil must buy both ATVs for $1,500.
D) the contract is not enforceable.
All-Terrain Vehicles (ATVs)
Motorized vehicles designed to handle a wider variety of terrain than most other vehicles.
Enforceable
Describes a contract or law that can be legally imposed or acted upon.
- Identify the scenarios allowing for the dissolution of a contract due to misjudgments.
- Identify the distinctions between unilateral and bilateral mistakes and their consequences on contractual obligations.
Verified Answer
CC
Learning Objectives
- Identify the scenarios allowing for the dissolution of a contract due to misjudgments.
- Identify the distinctions between unilateral and bilateral mistakes and their consequences on contractual obligations.