Mary contracts to sell Rachel her violin for 10,000, based on an appraisal of the instrument. Their contract provides that even if the appraisal is later found to be mistaken, the sale price will not be altered. One month after the sale, Rachel learns that the violin is only worth 5000. Which of the following is true:
A) Because the contract specified what would happen in the case of a mistake, the sale price will not be altered.
B) Mary must refund Rachel 5000, because the appraisal was mistaken.
C) The contract is unenforceable, because the appraisal was mistaken.
D)The contract is void, because the sale is fraudulent.
Question 2
An oral contract containing a promise by an executor to pay estate debts from estate funds is:
A) binding.
B) voidable by the executor or administrator.
C) enforceable against the executor only if the executor signs written proof of the agreement.
D) enforceable against the other contracting party only if that party signs a written agreement.
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Mary Mattingly, Triple Island.
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