Question: Open Range agrees to sell Pinewood Ranch a remote parcel of land for $ 1 5 , 0 0 0 . Both parties believe the

Open Range agrees to sell Pinewood Ranch a remote parcel of land for $15,000. Both parties believe the land to be worthless, but beneath it is shale rock containing oil. A court would
not rescind the contract.
rescind the contract on the basis of a mistake of quality.
rescind the contract on the basis of a mistake of value.
rescind the contract on the basis of a mistake of opinion.
Open Range agrees to sell Pinewood Ranch a remote parcel of

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 General Management Questions!

Q:

Papa Fred's Pizza store no. 16 has fallen on hard times and is about to be closed. The following figures are available for the period just ended: All employees except the store manager would be...

Q:

Open Range agrees to sell Pinewood Ranch a remote parcel of land for $ 1 5 , 0 0 0 . Both parties believe the land to be worthless, but beneath it is shale rock containing oil. A court would not...

Q:

Open Range agrees to sell Pinewood Ranch a remote parcel of land for $ 1 5 , 0 0 0 . Both parties believe the land to be worthless, but beneath it is shale rock containing oil. A court would

Q:

Question 2 Owen agrees to sell Penny a remote parcel of land for $15,000. Both parties believe the land to be worthless, but beneath it is shale rock containing oil. A court would: Group of answer...

Q:

6 . Jean purchases a fishing rod for $ 1 0 0 and a new suitcase for $ 6 0 0 , and signs a one - year employment contract for a $ 3 , 2 0 0 monthly salary to start at the beginning of the next month....

Q:

16. Gene sells a trail bike to Hollis without disclosing that the odometer, which reads 10,000 miles, was disconnected 90,000 miles ago. Gene is most likely liable for: A. unconscionability. B....

Q:

Byron agrees to sell to Charity, for $ 1 , 5 0 0 , a remote parcel of land. They be lieve the land to be worthless, but beneath it is a gold mine. Byron can Question 1 options: 1 ) not rescind the...

Q:

Question 9 10 pts Bessemer Coding Solutions Enterprise Service enters into a contract to employ Charlene as an instructor for two years to begin June 1. One month before the term begins, Bessemer is...

Q:

Question 3 2 points Byron agrees to sell to Charity, for $ 1 , 5 0 0 , a remote parcel of land. They believe the land to be worthless, but beneath it is a gold mine that is discovered 6 months after...

Q:

Bob agrees to sell to Carol, for $ 1 , 5 0 0 , a remote parcel of land. They be lieve the land to be worthless, but beneath the land is a gold mine. A court would

Q:

QUESTION 1 1 Byron agrees to sell to Charity, for $ 1 , 5 0 0 , a remote parcel of land. They believe the land to be worthless, but beneath it is a g a . rescind the contract on the basis of mistake....

Q:

A) Achondroplasia is a type of dwarfism. Knowing that a couple where you both show dwarfism they can have normal children and achondroplasic children, and that a Normal couple cannot have...

Q:

Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 $7,916.4 208.1 123.3 912.2 Sales Depreciation expense...

Q:

Which of SSC ' s assets are considered hot assets under 7 5 1 ( a ) ? Multiple Choice Cash and accounts receivable Cash and land Accounts receivable and land Accounts receivable and inherent...

Q:

2. The force of interest 8 is a function of time and at any time t, measured in years, is given by the formula: 8(t) = 0.02 +0.0020 8(t) = 0.03 +0.005t Osts5 5 st s 10 a) Calculate the discount...