Editing Contracts/Mistake
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'''Illustration''': Lady found a stone and sold it as a Topaz for $1 ($25 today). It was a raw uncut diamond worth $700 (today $17,000). The contract is not voidable. There was no mistake because neither party knew what the stone was.<ref>Wood v. Boynton (WI)</ref> | '''Illustration''': Lady found a stone and sold it as a Topaz for $1 ($25 today). It was a raw uncut diamond worth $700 (today $17,000). The contract is not voidable. There was no mistake because neither party knew what the stone was.<ref>Wood v. Boynton (WI)</ref> | ||
'''Anti-illustration''': A sells a cow to B for $80 because it is an infertile cow. The cow is actually pregnant and worth $1000. The contract is void.<ref> | '''Anti-illustration''': A sells a cow to B for $80 because it is an infertile cow. The cow is actually pregnant and worth $1000. The contract is void.<ref>Sherwood v. Walker (MI).</ref> | ||
==Unilateral mistakes== | ==Unilateral mistakes== |