Summarize typical mistakes and remedies for breach of contracts.
The following scenario addresses potential contractual defects. Please read carefully and complete a written assignment as directed below:
Jud Wheeler signed a contract to purchase 10 acres of land in Idaho from the Krauses.
If Jud offered the Krauses considerably less for their property than its possible market value and the Krauses accepted the offer, could they avoid the contract on later learning that they might have sold it for a higher price?
If Jud offered the Krauses one price and inadvertently typed a different, higher price into the contract, can Jud be held to the typewritten amount?