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


Copyright Notice

Business Law - Unilateral Mistake

***** LAW: UNILATERAL MISTAKE

You are an avid collector *****d 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 ***** autographed print of a *****ly famous watercolor **********t. The painting is framed in glare- free argon gas glass. You pay $500.00 for the pr*****t ***** glass.

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

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

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

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

Did the gallery provide what it guaranteed?

*****. ***** seller actually provided something worth much more than the item it originally guaranteed, and ***** mistake inured ***** the benefit of the buyer rather than to his detriment. There is ***** cause of action for accidentally benefiting the other *****.

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

There is no issue of duress. The requirements ***** duress are ***** met where ***** putative "duress" relates to so*****hing that is inconsequential like the

. . . . [END OF RESEARCH PAPER PREVIEW]

Download entire paper (and others like it)    |    Order a one-of-a-kind, customized paper

© 2001–2016   |   Essay about Business Law - Unilateral Mistake Business Law: Unilateral Mistake You   |   Dissertation Sample