Mike inherited some antiques. Pat agrees to buy them. In the contract, Mike and Pat agree to value the antiques at whatever the Sotheby's representative says. If the valuation is much higher than either of them anticipated, Pat:
A) has to buy at the price set by the Sotheby representative.
B) has to buy, but at what Pat and Mike believe was a reasonable price.
C) has no obligation to buy the antiques.
D) can treat the contract as canceled.

Question

Quizplus · Accepted Answer

In the contract, Mike and Pat agreed to value the antiques at whatever the Sotheby's representative says, making it a binding agreement. Therefore, Pat has to buy at the price set by the Sotheby representative, regardless of the valuation outcome.

Mike Inherited Some Antiques