Mike inherited some antiques. Pat agrees to buy them. In the contract, Mike and Pat agree to value the antiques at whatever the Sotheby's representative says. It is much higher than either of them anticipated. What is the outcome?

Pat has to buy at the price set by the Sotheby's representative.

Explanation:

As in the contract both the seller, being Mike and the buyer being Pat agrees to the price set by the Sotheby's representative.

Accordingly, whatever the price he might set, whether being lower than the price expected, or higher than the expected price. In both the cases the contract is completely enforceable.

And that the rate is acceptable and now the sales shall be made on such rate.

Pat shall buy the goods.