James Purchases an Antique Chair at a Garage Sale for $150.00.Later

Multiple Choice

James purchases an antique chair at a garage sale for $150.00.Later he sells it to Jacqueline for $300 and makes a nice profit.A few months later the Antiques Road Show comes to town and Jacqueline takes the chair to the show to be valued.She is advised that the chair dates as far back as 1866 and is worth approximately $5000.Which of the following is TRUE?

A) James made a mistake about the value of the chair and so the contract will be set aside by a court.
B) James did not make a legal mistake because he was careless in determining the right price.
C) James can plead non est factum.
D) James did not make a mistake about the value of the chair because the radically different price is one of the risks expected in the contract.
E) If Jacqueline sells the chair,the court will order that Jacqueline pay a portion of the proceeds of sale to James because James made a mistake.