Question

Solve.
X offers to sell a painting to Y which X knows is the copy of a well-known master piece. Y, thinking that the painting is the original one, decides to buy it at a very high price. Is this a valid contract?

Answer 1

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.