Contracts Law Policy Question Forum

[WolverineMachine]

We didn't really talk about policy much in our K class, but out Professor was nice enough to let us know that policy would in fact be on the exam. Albeit only worth 10% of the exam, I'm really not sure how to best approach it. Does policy in contracts law typically mean Willistonian vs Corbin vs Posner? I have over a week before my exam and would appreciate any input as to where to focus on policy. Here's an example of a policy question he has asked from a prior exam. Thanks!

The facts below were adapted from an actual letter sent to Randy Cohen who writes the Ethicist
column for the New York Times. He was asked about the ethical issues raised.

James seeks out Steve, a coin collector, to evaluate a gold coin he recently inherited. Steve
gave an off-the-cuff evaluation of $80 without knowing the actual value, then offered to buy it. Jim
accepted. Some days later, Steve discovered that the coin could be worth five or six times his
original estimate. Mr. Cohen concluded that Steve had an ethical obligation to inform Jim and renegotiate.
Even if he did not buy the coin Steve had an ethical duty to correct his error according to Mr.Cohen.

What would be the result under contract law as to the purchase of the coin. Does the ethical
analysis comport with contract law? What policies does the hypothetical raise?