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First Principles of Business Law |
| Circumstances that may invalidate a legal transaction |
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5. Mistake |
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5.4. Common mistake concerning quality |
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Read the facts and the question and then choose the best answer. A, a collector of antique furniture, sees an oak chest in B's shop. A discusses the chest with B, and they inspect it closely. They agree that it is a genuinely old Dutch sailor's chest and, as such, it is worth at least $5,000. A agrees to buy the 'antique Dutch chest' for $5,000, pays B and takes it home. It later turns out that the chest is not genuinely old: it is a very good but modern copy of an old chest, and is worth only about $500. Can A avoid the contract on grounds of the mistake made by himself and B, return the chest and recover the amount paid?
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