You verbally agree to buy a house for $250,000. When the contract is prepared, the price is accidentally typed in as $25,000 rather than $250,000, but no one notices it until after you and the seller sign the document. At that point, you claim you only have to pay $25,000 and you claim that was the price you had agreed to originally. The court will say you are:
A) correct; under the Statute of Frauds, written documents control, not oral statements
B) correct; under the Statute of Frauds, written documents for real estate control the deal
C) incorrect; the consideration ($25,000) is insufficient given the value of the house
D) incorrect; promissory estoppel requires the price to be $250,000
E) none of the other choices

Question

Quizplus · Accepted Answer

The correct principle here is related to the concept of mutual mistake and the intent of the parties at the time of the agreement. The court would likely correct the mistake to reflect the originally agreed price of $250,000, recognizing that the written contract did not accurately reflect the verbal agreement due to a typographical error. None of the provided options accurately describe this legal principle.

You Verbally Agree to Buy a House for $250,000