Transaction and sues to void the contract and recover land

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Reference no: EM131142891

Arthur had been adjudicated insane. During his period of insanity, Arthur sold some unimproved real estate to Katrina for $5,000, its fair value. Katrina did not know that Arthur was insane. In fact, he acted perfectly normal in every way. Arthur spends this $5,000. Arthur's guardian learns of this transaction and sues to void the contract and recover the land. What results? a. Because Arthur was acting normally, can because Katrina did not know of his insanity, the contract is valid. b. The guardian can get the land back, but Arthur must pay Katrina the $5,000. c. The guardian can get the land back but since Arthur has spent the $5,000, Arthur does not need to give anything back to Katrina. d. Because Arthur received the fair value for his land, the contract cannot be voided.

Reference no: EM131142891

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