Dubious Had No Experience with "Petrolenia" (The Hobby of Collecting

question 29

Essay

Dubious had no experience with "petrolenia" (the hobby of collecting old-fashioned gasoline pumps, oil cans, gas-station equipment, tools, vending machines, and supplies--an off-shoot of the old-car hobby) but he contracted to purchase for $8000 a 1930s-era Sun Oil gasoline pump from Seller. Two weeks later, Dubious and Seller met with a state Soil Conservation inspector to discuss the condition of the in-ground gas tank Dubious wanted to use. Seller said to the inspector, in Dubious' presence, "The pump pushes a good 10 gallons a minute; it's sure worth $8 grand." The underground tank was approved; Dubious installed the pump, but it only pumped about 1 gallon a minute (uselessly slow), and therefore its value was only about $1000 as a conversation piece.
When the pump proved useless for practical purposes, Dubious sued Seller for rescission of the contract. May Dubious avoid the contract?

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Definitions:

Bad Debt Expense

An expense recognized by businesses for accounts receivable that are considered unrecoverable and written off.

Net Credit Sales

The total value of sales made on credit minus any returns or allowances, indicating the actual revenue generated from credit transactions.

Allowance Method

An accounting technique used to adjust accounts receivable for debts that are expected not to be collected.

Uncollectible Receivables

Accounts receivable that are considered irrecoverable and unlikely to be collected, leading to their removal from the accounts.