Keith offers to sell Nat his 20-year old car for $3000 and Nat accepts the offer.The next day, Keith finds out that his car is actually worth $5000.Which of the following is the best answer?

Question

Quizplus · Accepted Answer

Keith made an offer to sell his car for $3000 and Nat accepted the offer. This forms a binding contract between the two parties, and Keith must perform the contract by selling the car to Nat for $3000. The fact that Keith later found out that his car is actually worth $5000 does not give him the right to terminate the contract or seek to claim the correct value of the car from Nat. As long as the terms of the contract have been agreed upon by both parties, Keith must fulfill his obligations under the contract.

Keith Offers to Sell Nat His 20-Year Old Car for $3000