The seller of a painting is not bound by the sales contract if the painting purchased was considered of little value and only later discovered to be valuable to the surprise of both buyer and seller.

Question

Quizplus · Accepted Answer

The seller is not bound by the sales contract if the painting was considered of little value and only later discovered to be valuable. This is based on the doctrine of mutual mistake, where both parties made the mistake of undervaluing the painting. As a result, the contract is rendered voidable, and the seller can back out of the sale.

The Seller of a Painting Is Not Bound by the Sales