Andy thinks he is selling an ordinary painting for $50. Bill knows that he is in fact buying something by Robert Bateman. The legal effect of this contract is:

Question

Quizplus · Accepted Answer

The contract is enforceable because both parties have agreed to a price and exchanged consideration (money for the painting). The fact that Andy was unaware of the true value of the painting does not render the contract void or unenforceable.

Andy Thinks He Is Selling an Ordinary Painting for $50