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


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Business Law - Unilateral Mistake

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 ***** masters. One evening, at a local gallery, you make an offer to purchase what you are *****ld is ***** autographed print of a locally famous watercolor *****ist. The painting is framed in gl*****- free argon gas glass. You pay $500.00 for the print and glass.

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

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

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

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

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

No. ***** seller actually provided something worth much more ***** the item it originally guaranteed, and ***** mistake inured to the benef***** ***** ***** buyer rather than to his detriment. There is no 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 the putative "duress" relates to so*****hing ***** is inconsequential like *****

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