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MMLU / The owner of a parcel of land received the following letter from a buyer: "I…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

The owner of a parcel of land received the following letter from a buyer: "I will pay you $2,200 an acre for [theparcel]." The owner's letter of reply stated, "I accept your offer." Unknown to the owner, the buyer had intendedto offer only $2,000 per acre but had mistakenly typed "$2,200." As both parties knew, comparable land in thevicinity had been selling at prices between $2,000 and $2,400 per acre. Which of the following states the probable legal consequences of the correspondence between theparties?
Plain-text mathematical notation (without MathML)
The owner of a parcel of land received the following letter from a buyer: "I will pay you $2,200 an acre for [theparcel]." The owner's letter of reply stated, "I accept your offer." Unknown to the owner, the buyer had intendedto offer only $2,000 per acre but had mistakenly typed "$2,200." As both parties knew, comparable land in thevicinity had been selling at prices between $2,000 and $2,400 per acre. Which of the following states the probable legal consequences of the correspondence between theparties?
Original LaTeX notation
The owner of a parcel of land received the following letter from a buyer: "I will pay you $2,200 an acre for [theparcel]." The owner's letter of reply stated, "I accept your offer." Unknown to the owner, the buyer had intendedto offer only $2,000 per acre but had mistakenly typed "$2,200." As both parties knew, comparable land in thevicinity had been selling at prices between $2,000 and $2,400 per acre. Which of the following states the probable legal consequences of the correspondence between theparties?

choices

  1. There is no contract, because the parties attached materially different meanings to the price term.
  2. There is no enforceable contract, because the buyer is entitled to rescission due to a mutual mistake asto a basic assumption.
  3. There is a contract formed at a price of $2,000 per acre, as the buyer intended.
  4. There is a contract formed at a price of $2,200 per acre, regardless of the buyer's true intention.

subject

professional_law

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Source and history

task_id
0761a5fb-d014-5cf6-ba73-92490e00dd63
task_key
all--test--0761a5fb-d014-5cf6-ba73-92490e00dd63
task_revision_id
1
config / split
all / test

Official source

initial import