What legal theory will be used to determine

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Kerry finds a big green ring in the street. She shows it to Leroy, who says, "Wow. That could be valuable." Neither Kerry nor Leroy knows what the ring is made of or whether it is valuable. Kerry sells it to Leroy for $100, saying, "Don't come griping if it turns out to be worth two dollars." Leroy takes the ring to a jeweler who tells him it is an unusually perfect emerald, worth at least $75,000. Kerry sues to rescind the contract. What will the court decide (i.e. does Kerry win or lose), and what legal theory will be used to determine if Kerry gets the ring back? 

Reference no: EM131839063

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