Basis of a mistake in the first appraisal

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1. In the counteroffer, Englesen asked Kepple to remove from their contract a clause requiring written confirmation of the availability of a "free split" which meant that the property could be subdivided without the town's prior approval. Kepple agreed. After signing the contract, Kepple learned that the property was not entitled to a free split. Would this circumstance qualify as a mistake on which the defendant could avoid the contract? Why or why not?

2. After signing the contract, Englesen obtained a second appraisal that established the size of lot five as 3.71 acres, which meant that it could be subdivided, and valued the property at $490,000. Can the defendant avoid the contract on the basis of a mistake in the first appraisal? Explain.

Reference no: EM131914892

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