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One day, while he was seriously intoxicated, Philemon stumbled into an auction. Without understanding what...

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Accounting

One day, while he was seriously intoxicated, Philemon stumbled into an auction. Without understanding what he was doing or the consequences of his actions, he made a bid for a painting valued at $65,000. His bid was the winning bid. At the time Philemon made the bid, the auction master could clearly see that Philemon was drunk out of his mind. After Philemon became sober, he told the auctioneer that he wanted to go ahead with buying the painting. The next day, however, Philemon had a change of heart and told the auctioneer he was not going ahead with the contract. Can Philemon get out of his contract? Explain your answer with specific focus on the issue of Philemons capacity to enter into contract. (Maximum 175 words)

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