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MMLU / At a yard sale, seller puts out an old etching he inherited from his aunt. He…

Problem

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question

At a yard sale, seller puts out an old etching he inherited from his aunt. He labels it with a price tag of 10.Abuyercomesby,fullyawarethatitistheworkofafamousItalianRenaissanceartist,andquietlyoffersthe10. A buyer comes by, fully aware that it is the work of a famous Italian Renaissance artist, and quietly offers the 10 for an etching he knows to be worth at least 100,000.Whenthesellerfindsoutthathemadeanawfulmistake,andthatthebuyerknewthatitwasapreciousworkofart,hesuedtogetthe100,000. When the seller finds out that he made an awful mistake, and that the buyer knew that it was a precious work of art, he sued to get the 100,000 or for return of the etching. The buyer defended by alleging that the seller did not act reasonably to protect himself by knowing what he was selling. Under the Restatement of Contracts and the majority rule in the case law, will the court grant the buyer's motion to dismiss the seller's complaint?
Plain-text mathematical notation (without MathML)
At a yard sale, seller puts out an old etching he inherited from his aunt. He labels it with a price tag of 10.Abuyercomesby,fullyawarethatitistheworkofafamousItalianRenaissanceartist,andquietlyoffersthe10 for an etching he knows to be worth at least 100,000.Whenthesellerfindsoutthathemadeanawfulmistake,andthatthebuyerknewthatitwasapreciousworkofart,hesuedtogetthe100,000 or for return of the etching. The buyer defended by alleging that the seller did not act reasonably to protect himself by knowing what he was selling. Under the Restatement of Contracts and the majority rule in the case law, will the court grant the buyer's motion to dismiss the seller's complaint?
Original LaTeX notation
At a yard sale, seller puts out an old etching he inherited from his aunt. He labels it with a price tag of $10. A buyer comes by, fully aware that it is the work of a famous Italian Renaissance artist, and quietly offers the $10 for an etching he knows to be worth at least $100,000. When the seller finds out that he made an awful mistake, and that the buyer knew that it was a precious work of art, he sued to get the $100,000 or for return of the etching. The buyer defended by alleging that the seller did not act reasonably to protect himself by knowing what he was selling. Under the Restatement of Contracts and the majority rule in the case law, will the court grant the buyer's motion to dismiss the seller's complaint?

choices

  1. Yes, the seller should have had the items appraised before selling them. The seller always must know the value of what is being offered for sale.
  2. Yes, the seller cannot rescind a contract just because he later regrets it; either party may end up with the superior deal depending on luck, knowledge and variety of factors.
  3. No, because in some unilateral mistakes, rescission is allowed if there has been an unconscionably unequal exchange of values, and there is no substantial hardship to the other party.
  4. No, because a party always has a right to rescind a contract where the value of the product or services does not live up to his reasonable expectation.

subject

professional_law

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task_id
8a2ed6e0-d458-522a-8ec7-006b58c86394
task_key
all--test--8a2ed6e0-d458-522a-8ec7-006b58c86394
task_revision_id
1
config / split
all / test

Official source

initial import