Joanne goes to a garage sale where she finds jewelry for sale.She buys a handful of what appears to be costume jewelry for her daughter to play with.She pays $5 for it.Later,a friend of Joanne happens to see the jewelry and discovers that one piece consists of diamonds and is worth about $2,000.If the seller of the jewelry seeks to rescind this contract,which of the following is true?

Question

Quizplus · Accepted Answer

This is a case of mutual mistake in value, which typically does not allow for rescission of the contract. The contract is fully enforceable because both parties were mistaken about the value, not the nature, of the item.

Joanne Goes to a Garage Sale Where She Finds Jewelry