Legal Question in Business Law in Iowa
Business law
Frank is aware that a chair is an antigue replica worth about
$200 and the real antique is worth $2000. Bill never asks Frank about when the chair was made and what its value is. Bill purchases the chair for $2000, and finds out it is only worth $200. Bill wants to void the contract. Under what basis does Bill attempt to void the contract? What defenses, if any are available to Frank? What difference would it have made if Bill did ask Frank about when the chair was made and Frank said it was made in 1792?
Asked on 12/04/07, 3:59 pm
1 Answer from Attorneys
Robert Luedeman
solo practitioner
Re: Business law
Sounds like a homework assignment to me.
Answered on 12/04/07, 5:26 pm
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