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

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Business Law - Unilateral Mistake


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

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

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

***** was no mutual *****. The only mistake was that ***** ***** seller, 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 of fact, he would have to show that t***** buyer was aware of the mistake at the time ***** ***** sale and purposely remained silent to complete the transaction before the seller realized ***** *****.

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

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

No. ***** seller actually provided something worth much more than ***** item it ***** guaranteed, ***** the mistake inured ***** the benefit ***** the buyer rather than to his detriment. There is ***** cause of action for accidentally benefiting the other *****.

What about the element of duress?

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


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