Reference no: EM131519832

Please answer these questions and submit your response by typing your answers directly in the box provided for your response:

1. What is mutual assent?

2. What actions will destroy the mutual assent in a contract?

3. Case Analysis:

a. Boskett offered to sell a 1916 dime to Beachcomber Coins, Inc. Beachcomber examined the coin carefully and agreed to pay Boskett $500 for it. Later, Beachcomber asked a representative from the American Numismatic Society to examine the coin. The coin turned out to be counterfeit. No evidence existed to indicate fraud on Boskett's part. Beachcomber sued Boskett for rescission and a return of the $500. Beachcomber claimed this bilateral mistake of fact created grounds for a rescission. Was Beachcomber correct? Explain. Beachcomber Coins, Inc. v. Boskett, 400 A.2d 78 (NJ 1979).

b. Prisoners rioted at the Iowa State Penitentiary and held prison staff members as hostages. The warden agreed in writing that no reprisals would be levied against the rioting inmates. In exchange, the prisoners released the hostages. After the hostages were released, several of the prisoners were punished for the riot. One prisoner, Wagner, was placed in solitary confinement for 30 days. He also received 180 days of administrative segregation and the loss of 1,283 days of goodtime earned. On what legal grounds could the warden refuse to keep his promise to the inmates? Explain. Wagner v. State, 364 N.W.2d 246 (IA 1992).