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MMLU / An avid stamp collector had amassed a large and valuable collection. Many of his…

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question

An avid stamp collector had amassed a large and valuable collection. Many of his stamps were extremely rare and highly coveted. On numerous occasions the collector had rejected offers to sell his prized collection. Finally, on December 1, the collector sent his cousin, who was also a stamp collector, the following letter:"I've decided to part with my stamp collection. Since I want to keep it in the family, I'll sell you my entire collection for $75,000. "The collector had dictated this letter to his secretary, who mistakenly typed "$75,000," instead of $78,000 that the collector had specified. After typing the letter, the secretary gave it to the collector, who hastily signed it without noticing the mistaken price. The cousin received this letter on December 3. On December 5, the cousin sent a letter accepting the collector's offer. Which of the following correctly states the agreement's price term and its legal effect?
Plain-text mathematical notation (without MathML)
An avid stamp collector had amassed a large and valuable collection. Many of his stamps were extremely rare and highly coveted. On numerous occasions the collector had rejected offers to sell his prized collection. Finally, on December 1, the collector sent his cousin, who was also a stamp collector, the following letter:"I've decided to part with my stamp collection. Since I want to keep it in the family, I'll sell you my entire collection for $75,000. "The collector had dictated this letter to his secretary, who mistakenly typed "$75,000," instead of $78,000 that the collector had specified. After typing the letter, the secretary gave it to the collector, who hastily signed it without noticing the mistaken price. The cousin received this letter on December 3. On December 5, the cousin sent a letter accepting the collector's offer. Which of the following correctly states the agreement's price term and its legal effect?
Original LaTeX notation
An avid stamp collector had amassed a large and valuable collection. Many of his stamps were extremely rare and highly coveted. On numerous occasions the collector had rejected offers to sell his prized collection. Finally, on December 1, the collector sent his cousin, who was also a stamp collector, the following letter:"I've decided to part with my stamp collection. Since I want to keep it in the family, I'll sell you my entire collection for $75,000. "The collector had dictated this letter to his secretary, who mistakenly typed "$75,000," instead of $78,000 that the collector had specified. After typing the letter, the secretary gave it to the collector, who hastily signed it without noticing the mistaken price. The cousin received this letter on December 3. On December 5, the cousin sent a letter accepting the collector's offer. Which of the following correctly states the agreement's price term and its legal effect?

choices

  1. The price term is $75,000, and it is enforceable.
  2. The price term is $78,000, and it is enforceable.
  3. The price term is $75,000, but the court will reform the price to $78,000 in order to correct a mistake in integration.
  4. The price term is $75,000, but either party can rescind the contract, because there was a mutual mistake as to a basic assumption of fact.

subject

professional_law

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Source and history

task_id
5aa4e35a-5550-5b0f-8120-8c39bf4b8f2d
task_key
all--test--5aa4e35a-5550-5b0f-8120-8c39bf4b8f2d
task_revision_id
1
config / split
all / test

Official source

initial import