Case Problem:
Q1. William tells Carol that he paid $150,000 for his farm in 2002, and that he believes it is worth twice that at the present time. Relying upon these statements, Carol buys the farm from William for $225,000. William did pay $150,000 for the farm in 2002, but its value has increased only slightly, and it is presently not worth $300,000. On discovering this, Carol offers to reconvey the farm to William and sues for the return of hers $225,000. Result?
Q2. Modify the facts in (a) by assuming that William had paid $100,000 for the property in 2002. What is the result?
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.