Final answer:
If a mistake is discovered in the size of the lot after a property purchase agreement is signed, the purchaser would likely seek a reformation of the agreement. This can be governed by the legal principle of mutual mistake. The purchaser may also explore the option of negotiation with the seller.
Step-by-step explanation:
If a mistake is discovered in the size of the lot after a property purchase agreement is signed, the purchaser would likely seek a reformation of the agreement. Reformation is a legal remedy that allows a court to modify a contract to reflect the true intentions of the parties involved. In this case, the purchaser would seek to adjust the terms of the agreement to account for the smaller size of the lot as revealed by the survey.
This situation can be governed by the legal principle of mutual mistake. Mutual mistake occurs when both parties to a contract share a common misconception or misunderstanding about a material fact. In this case, both the seller and the purchaser were under the mistaken belief that the lot was a certain size. If mutual mistake is proven, it may provide grounds for seeking reformation of the agreement.
The purchaser may also explore the option of negotiation with the seller. Both parties can attempt to reach a mutually acceptable solution to address the discrepancy in the lot size. This could involve renegotiating the purchase price or making other adjustments to the terms of the agreement.