Byron agrees to sell to Charity,for $1,500,a remote parcel of land.They be-lieve the land to be worthless,but beneath it is a gold mine.A court would
A)cancel the contract due to Byron's failure to know the land's value.
B)cancel the contract due to Charity's failure to know the land's price.
C)cancel the contract due to the difference between the contract price and the market price.
D)enforce the contract.

Question

Quizplus · Accepted Answer

The contract would be enforced as both parties made an agreement based on their mutual belief that the land was worthless. The fact that something valuable was discovered after the contract was signed does not invalidate the contract. The principle of caveat emptor (buyer beware) applies in this situation, and it was the responsibility of both parties to determine the actual value of the property before making the agreement.

Byron Agrees to Sell to Charity,for $1,500,a Remote Parcel of Land.They