Question

Jared goes to a flea market. At the flea market, he sees a rock dealer who is selling different types of rocks. Jared sees a nice looking rock, which he identifies as a quartz. Jared says to the rock dealer, “how much for that quartz”? The dealer states, “that quartz is $20.” Later Jared finds out that it is an uncut diamond worth $1,000,000. The dealer wants the diamond back. Can the dealer undo the contract?

Answer 1

The seller himself was a tock dealer. Hence he must've all knowledge of the price of the quartz. Jared had not realised at the point ot sale and realised later the value of what he possessed.

The rock dealer made an offer of $ 20 erroneoulsy. Jared agreed and closed the contract. Now rock dealer wants to undo a contract and get back the diamond. Since there was no flaw in the contract from buyers end and the contract was complete in all respects , the seller cannot undo the contract.

He can however request the buyer to undo the contract from his end or go for some legal recourse.