A offers B $100,000 for his farm, and they sign an agreement for the sale. Before the money is paid, A finds out that the market value of the farm is only $55,000. A:
A) must pay $100,000; the contract is valid
B) does not have to go through with the contract because there is not adequate consideration
C) does not have to go through with the contract because there was a mistake of fact
D) must buy the farm, but the price will be lowered when the court reforms the contract
E) must buy the farm, but the price will be lowered to create consideration of proper value
Correct Answer:
Verified
Q356: An exchange is consideration if it:
A) creates
Q357: If the values of the items exchanged
Q358: If the values of the items exchanged
Q359: Without consideration:
A) only the offeree can enforce
Q360: A _ to the promisor exists when
Q362: The doctrine that prevents an injustice due
Q363: The doctrine that prevents an injustice due
Q364: Which of the following is usually not
Q365: Which of the following is usually not
Q366: In Caley v. Gulfstream Aerospace, the employer
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