Chauncey, aged 17, sold his 1949 Anteater automobile for $500 to Chang, an adult. Two weeks later Chauncey and Chang were both highly surprised to learn that the Anteater was a collector's item and easily worth $60,000. If Chauncey now seeks to disaffirm the sale, the fact that Chang had no idea of the car's true value mean that Chauncey will or will not be successful in retaking it? Why or why not?
Chauncey, aged 17, sold his 1949 Anteater automobile for $500 to Chang, an adult. Two weeks later Chauncey and Chang were both highly surprised to learn that the Anteater was a collector's item and easily worth $60,000. If Chauncey now seeks to disaffirm the sale, the fact that Chang had no idea of the car's true value mean that Chauncey will or will not be successful in retaking it? Why or why not?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:3. Chauncey, aged 17, sold his 1949 Anteater
automobile for $500 to Chang, an adult. Two
weeks later Chauncey and Chang were both
highly surprised to learn that the Anteater was
a collector's item and easily worth $60,000. If
Chauncey now seeks to disaffirm the sale, the
fact that Chang had no idea of the car's true
value mean that Chauncey will or will not be
successful in retaking it? Why or why not?
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