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) can treat the contract as canceled.
B) has to buy at the price set by the Sotheby representative.
C) has to buy, but at what Pat and Mike believe was a reasonable price.
D) has no obligation to buy the antiques.

Question

Quizplus · Accepted Answer

In this scenario, since Mike and Pat agreed in their contract to value the antiques at whatever the Sotheby's representative says, Pat is obligated to buy at the price set by the Sotheby representative, regardless of how high the valuation is. This is because the contract specifies the method of valuation, and both parties are bound by that agreement.

Mike Inherited Some Antiques