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Material mistake..?

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I purchases a camera body, lens and viewfinder, in good faith from a used
camera store on 11-13-99 for $1200.00

The seller miscalculated the total amount and forgot to include the lens in
the total price. Now eleven months later he has called me to advise me of his
error and wants me to pay $700 for the uncharged lens.

He also gave me the option of returning the lens and to pay him the loss due
to the fact that the lens is now in “used” condition.

Had he calculated $1,900 at the time correctly, my budget would have been
exceeded and I would have purchased nothing.My purchase was contingent on his $1,200 quoted price.

He did quote me the individual price of the separate components at the time
for many different lenses but because we went through so many different
permutations with the various component options, I didn’t notice his
miscalculation when he gave the final price. ($1,200 alone seemed like a lot
to spend)

I dug up my copy of the invoice for the purchase and it does indicate
“quantity-zero...charge-zero” on the line which itemizes the lens.

I believe because we both made a material mistake, there is no legally binding
contract and the whole transaction should be undone. Can he hold back on a
full refund because the outfit is now “used”?

Can he still collect on the lens after the passage of so much time? What are
my legal rights? What are his?



Sorry, I forgot to include my state; this took place in California. I want to do the right thing but I'm also upset that his mistake led me to ignorantly make such a large purchase.

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