Bunde sees an old painting in a junk shop and asks Owino, the owner, how much he wants for it. Owino says he thinks the painting is by a minor artist and is worth around KSh.50,000 and he offers it to Bunde for Ksh.48,000/-, which Bunde readily accepts. Having purchased the picture, Bunde takes it to an antiques expert for a valuation, and the expert says that the picture is a missing masterpiece by a major artist and is worth at least Ksh 10,000,000/-. 

The find is widely reported in the press and Owino is much put out. Can Owino ask for the contract to be set aside?

Answer rating: 100% (QA)

In contract law a contract usually cannot be set aside after it has been agreed upon by both parties ... View the full answer