Bill Sonny negotiated the sale of Sonny's Spirits to John Walker. John Walker asked to see the prior year’s financial statements. Sonny recommended that Walker get a CPA to examine Sonny's records because he, Sonny, was not one and that he did the best job that he could do in organizing the typical financial statements. Walker believed the cost of a CPA to be an unnecessary expense and chose to purchase the store relying on the financial statements prepared by Sonny. Walker later learned that the financial statements included several errors that resulted in an overstatement of the store's assets and net income. Sonny was not aware that the errors existed. Walker sued Sonny, claiming Sonny lied and misrepresented the store’s financial condition and that Walker relied on the financial statements in making the decision to buy the store. Given these facts, which of the following is generally the best assessment of the status of the parties?
a. Walker is entitled to rescind the purchase even if the errors in the financial statements were not material.
b. Walker will prevail if the errors in the financial statements were material.
c. Monetary damages represent the only remedy available to Walker because Sonny is liable for fraud.
d. Walker will not prevail because Walker’s reliance on the financial statements was neither reasonable nor justifiable.