1. Go to the Notable Court Cases Involving Contracts – webpage: https://www.lectlaw.com/files/lws49.htm
2. Select a case that helps you understand the elements of a contract and the basis for enforcement. – Read it.
3. Locate an article where two parties argued about the enforcement of their contract using similar facts. (hint… use breach of contract and the term that is being evaluated in the case i.e. fraud).
4. Copy the mini-case brief and provide a summary of the case you read and connect it to the chapters under Module 4 and the article you located (include hyperlink to article).
WOOD V. BOYNTON (1885)
Facts: P. owned a rough and uncut stone she did not know the identity of, although she thought it might be a topaz. P. sold said stone to D., who also did not recognize the identity or value of the stone, for $1. Upon finding out that the stone was actually a very valuable diamond, P. tendered the D. $1.10, and demanded return of the stone. D. refused, and so P. brought suit.
Nature of the Risk(s): In the absence of explicit contractual statements otherwise, the seller assumes the risk that he under-charged for an item, and the buyer assumes the risk that he over-paid for an item.
Issue(s): Is the P. entitled to rescind the sale because she was ignorant as to the “hypothetical fair market value” of the stone she sold D.?
Holding(s): “In the absence of fraud or warranty, the [hypothetical] value of the property sold, as compared with the price paid, is no ground for rescission of the sale.”
Reasoning: Neither the P. nor the D. had any knowledge that the stone was a diamond, so there was no fraud. In addition, there was no agreement of warranty, either stated or implied.
Chapter XX of our textbook discussed several of the terms covered in this case: _____, _____ (Miller, pages ____). These terms are defined as ::::::. After reading these chapters and this case, I am able to recognize these similar issues in the facts provided in the article I read about XXXX and XXXX disputing the terms of their contract (citation to article)…..
Timeliness: First post must be submitted by November 20th, First Peer Response by: November 22nd… Courteous replies to classmates: by December 1st. Final posts by December 4th
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