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.If they are valued much higher than either Mike or Pat anticipated, Pat:
A)has to buy at the price set by the Sotheby representative.
B)has to buy, but at what Pat and Mike believe was a reasonable price.
C)has no obligation to buy the antiques.
D)can treat the contract as canceled.

Question

Quizplus · Accepted Answer

The contract clearly states that the value will be determined by the Sotheby's representative. Therefore, if the value is much higher than anticipated, Pat is still obligated to buy at that price. This is the purpose of having a designated valuer in the contract.

Mike Inherited Some Antiques