Wilbur decides to sell his collection of rare stamps through an online auction site. When he is filling out the information about his collection, he types $40 instead of $400 in the minimum price box. Wilbur does not notice his mistake until after the auction is over and someone has purchased his stamp collection for $75. Wilbur: a. can rescind the contract because he made a unilateral mistake. b. cannot rescind the contract based on his unilateral mistake.

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Business

Helena Shepard

4 May, 22:00

Wilbur decides to sell his collection of rare stamps through an online auction site. When he is filling out the information about his collection, he types $40 instead of $400 in the minimum price box. Wilbur does not notice his mistake until after the auction is over and someone has purchased his stamp collection for $75. Wilbur: a. can rescind the contract because he made a unilateral mistake. b. cannot rescind the contract based on his unilateral mistake.

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Dominique Bass · Answer 1

cannot rescind the contract based on his unilateral mistake

Explanation:

Wilbur cannot take his auction back because as per the online auction he did not notice about his mistake and when the contract has been done it cannot be changed as it was already declared by another party legally. So he needs to take care while was filling the form online and need to do crosscheck about his rates to $40 instead of $400.

Hence, due to the acceptance of an offer by the second person he cannot rescind the contract.