Jones, a farmer, found an odd-looking stone in his fields. He went to Smith, the town jeweler, and asked him what he thought it was. Smith said he did not know but thought it might be a ruby

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Jones, a farmer, found an odd-looking stone in his fields. He went to Smith, the town jeweler, and asked him what he thought it was. Smith said he did not know but thought it might be a ruby

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Jones, a farmer, found an odd-looking stone in his fields. He went to Smith, the town jeweler, and asked him what he thought it was. Smith said he did not know but thought it might be a ruby. Jones asked Smith what he would pay for it, and Smith said $200, whereupon Jones sold it to Smith for $200. The stone turned out to be an uncut diamond worth $3,000. Jones brought an action against Smith to recover the stone. On trial, it was proved that Smith actually did not know the stone was a diamond when he bought it, but he thought it might be a ruby. Can Jones void the sale? Explain.

Explanation & AnswerSolution by a verified expert

Explanation

Individual J sold the stone to Individual S under mutual agreement on the price of $200, this constitutes a valid contract; none of the parties misrepresented the value of the stone or hadfraudulent intentions at the time of the sale. The value of stone being $3,000 and the correct feature isrevealed after the sale. That is also thereason for the agreementnot being void.

Verified Answer

Individual J's contention is not right because incorrect identification of the stone features and value by both parties is not a mistake.

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