Solve.
X buys a painting believing it to be worth Rs. 100,000 while in fact it is worth only Rs. 10,000. Is it a valid contract?

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Solution

Solution:
Section to which the given problem relates: Explanation to Section 20.
Decision:
This contract is valid.
Reason:
An erroneous opinion as to the value of the thing which forms the subject matter of the agreement is not treated as mistake relating to a matter of fact. Here, X will have to blame himself for ignorance of the true value of the painting.

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Solve.X buys a painting believing it to be worth Rs. 100,000 while in fact it is worth only Rs. 10,000. Is it a valid contract?

Solve.
X buys a painting believing it to be worth Rs. 100,000 while in fact it is worth only Rs. 10,000. Is it a valid contract?