This question should be answered in an IRAC format. Please include all relevant keywords, terms, and phrases when discussing each topic.
A woman and her friend enter into an agreement whereby the woman will buy from her a friend a pair of Christian Louboutin “Carnival Black” evening shoes for $840.00. Both parties believe the shoes are authentic Louboutins, when in fact it is an imitation that would usually sell for around $40.00. Assume that the woman, who had gotten the shoes as a gift, thought the shoes were an imitation, but her friend knew that they were authentic Louboutins. The woman offers to sell them to her friend for $40.00, and her friends happily accepted.
What type of mistake is at issue here? What are the requirements for the contract to be voided due to that mistake?