Kerry finds a big green ring in the street. She shows it to Leroy, who says, "Wow. That could be valuable." Neither Kerry nor Leroy knows what the ring is made of or whether it is valuable. Kerry sells the ring to Leroy for $100, saying, "Don't come griping if it turns out to be worth two dollars." Leroy takes the ring to a jeweler who tells him it is an unusually perfect emerald, worth at least $75,000. Kerry sues to rescind. Can Kerry win? Why/Why not?

Question

Keesha

Business

11 June, 03:52

Kerry finds a big green ring in the street. She shows it to Leroy, who says, "Wow. That could be valuable." Neither Kerry nor Leroy knows what the ring is made of or whether it is valuable. Kerry sells the ring to Leroy for $100, saying, "Don't come griping if it turns out to be worth two dollars." Leroy takes the ring to a jeweler who tells him it is an unusually perfect emerald, worth at least $75,000. Kerry sues to rescind. Can Kerry win? Why/Why not?

+5

Answers (1)

Know the Answer?

Newman · Answer 1

No

Explanation:

If Kerry sues on Leroy, Kerry will lose, Because none of the participants realize that there is a possibility of the nature of the item being so worthy and made a deal to exchange.

In this case, Leroy takes a risk and gets profit.

It is not considered as one party error because both parties take equal risk.

So Kerry has no right on the ring.