Where two parties contract for the purchase and sale of an ordinary item,such as a desk,that unknown to both parties is a rare and valuable example of that item,this is a:
A) unilateral mistake.
B) mutual mistake of law.
C) mistake of value, but not a mistake of fact.
D) case of fraud by concealment.
E) case of implied-in-fact mistake.

Question

Quizplus · Accepted Answer

This situation describes a mistake of value, where both parties are unaware of the true value of the item. It is not a mistake of fact, as the item itself is as described (a desk), but its value is not known to either party.

Where Two Parties Contract for the Purchase and Sale of an Ordinary