Tom agrees to buy a painting believing it to be an original Picasso, while the seller also believes it is genuine. Both later discover it is actually a worthless copy. This scenario represents:

Question

Answer

Fraudulent misrepresentation, which allows Tom to sue for damages.

Answer

No legal grounds for rescission because both parties accepted the risk of being wrong.

Answer

Mutual (bilateral) mistake of material fact, which typically allows either party to rescind the contract.

Answer

Unilateral mistake, which allows only Tom to rescind the contract.

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Tom agrees to buy a painting believing it to be an original Picasso, while the s...

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