contract principles
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A geologist buys a "rock" from an inexperienced sales clerk at the Crystal and Mineral Shop for $35. Shortly thereafter the rock is determined by experts to be an uncut gemstone that, when cut, could be worth an estimated $1.5 million. The experienced, long-time owner of the Crystal and Mineral Shop seeks to rescind the sale. What is the likely outcome? Using contract principles, explain how you reached your decision.
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This contract can only be rescinded or voided if there is a unilateral mistake. This means that one party makes a mistake and the other party knows the mistake was made and takes advantage of it. The party that made the mistake can then ...
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