Essay - Business Law - Unilateral Mistake Business Law: Unilateral Mistake You...

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Business Law - Unilateral Mistake


***** are an avid collector and painter of watercolors. You enjoy visiting all of the local and regional art g*****eries *****, routinely, you purchase work of copies of the masters. One evening, at a local gallery, you make an offer to purchase what ***** are *****ld is an autographed print of a locally famous watercolor artist. The painting is framed in gl*****- free argon gas glass. You pay $500.00 for ***** print and glass.

***** next evening the gallery director calls you ***** frantically explains that you actually purchased an original work by the artist, not the autographed print you thought you purchased. The ***** painting, in your possession, is worth at least $10,000.00. The gallery director asks that you return ***** painting, but also informs you that there exist no more autographed *****s to sell to *****. When you hesitate to ***** the painting without receiving at ***** the autographed print, the gallery ***** threatens you by stating that if you do not return the painting, she will inform all of the art g*****eries in the state of your refusal and ask that none of the galleries sell to you in ***** future.

***** does the law of unilateral and mutual mistake apply?

There was no mutual *****. The only mistake was that of ***** seller, making it a unilateral mistake. The buyer simply relied on the information provided by the seller. In order for the ***** to assert a cl*****im based on his mistake of fact, he would have to show that ***** buyer was aware ***** the mistake at the time of the sale and purposely remained silent to complete the transaction before the seller realized ***** *****.

What about ***** notion ***** fraud? ***** gallery provided ***** w*****h an express guarantee of authenticity of the autographed print and frame. There ***** no issue of ***** on the part of ei*****r party to the transaction. The seller actually provided something that was ***** substantially more than ***** item it believed it ***** selling, not something worth less than represented. Even if the seller had sold an unsigned or unau*****nticated copy ***** honest mistake, there would still be no issue of fraud, because fraud requires specific intent. In that case, the buyer would be entitled to rescind the ***** or to trade the ***** ***** lesser value for the item originally bargained for, or to recoup ***** difference between the ***** received *****d the value ***** which he paid.

Did the ***** provide ***** it guaranteed?

*****. The seller ***** ********** something ***** much more than the *****em it ***** guaranteed, and the mistake inured to the benef***** of ***** buyer rather than to his detriment. There is ***** cause of action for accidentally benefiting the other party.

***** ***** the element of duress?

***** is no issue ***** duress. The requirements of duress are not met where ***** putative "duress" relates to so*****hing ***** is inconsequential like the


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