Question: Case Problem Analysis: Bilateral Mistake :When Santino Simms and Luna Batista divorced, they agreed to split their assets equally without specifically mentioning any stock accounts.

Case Problem Analysis: Bilateral Mistake :When Santino Simms and Luna Batista divorced, they agreed to split their assets equally without specifically mentioning any stock accounts. They owned an account with Bernie L. Milford Investment Securities estimated to be worth $5.4 million. Simms kept the account and paid Batista more than $6.5 million, including $2.7 million to offset the amount that they believed was in the account. Two years after the divorce agreement was signed, Simms learned that the account actually never existed due to its managers fraud.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!