Question

Jones, a farmer, found an odd-looking stone in his fields. he went to smith, the town jeweler, and asked him what he thought it was. smith said he did not know but thought it might be a ruby. jones asked smith what he would pay for it, and smith said $200, whereupon jones sold it to smith for $200. the stone turned out to be an uncut diamond worth $3,000. jones brought an action

Answer 1

Even though there was a miscommunication in the sale, Jones did not know that the stone was a diamond before selling it and Smith can easily say he did not know it was either. If Jones had taken the stone and received other opinions on it, he may have gotten more money but because he sold the stone, there is nothing he can take action on Smith for.