Question

Wilma, who lives in New York, enters into a contract to buy a painting from Fred, who lives in France. The contract includes all the costs of insuring and shipping the painting from France to New York. The agent that made the shipping estimate makes a mistake when adding up the costs and, as a result, the shipping cost listed in the contract is $1,000 less than the shipping actually costs. A court will most likely​:_____________.1. Allows the parties to rescind the contract2. Award damages to Wilma for the mistakes3. Enforce the contract without requiring changes4. Award damages to Fred for the mistakes

Answer 1

Answer: allow the parties to rescind the contract.

Step-by-step explanation:

Contract rescission is a term which refers to the termination or cancellation of a contract. It is atimes called “cancellation” or “overturning”. The word rescission emerges from the word “rescind” which means to cancel or annul. The reason of contract rescission is to restore the parties involved in the contract to their original status before the contract was made (the “status quo ante”). So it the case of Wilma and Fred rescinding the contract will definitely be the best option they will opt for.

Answer 2

A court will most likely;

1. Allows the parties to rescind the contract.

Step-by-step explanation:

The contract includes all the costs of insuring and shipping the painting from France to New York.

Since, the agent that made the shipping estimate makes a mistake when adding up the costs and, as a result, the shipping cost listed in the contract is $1,000 less than the actual shipping costs. A court will most likely allow the parties to rescind the contract because a part of the contract agreement has been breached in error.