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

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Business Law - Unilateral Mistake


You are an avid collector *****d 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 you are told is an autographed print of a *****ly famous watercolor artist. The painting is framed in gl*****- free argon gas glass. You pay $500.00 for ***** print and glass.

The next evening the gallery director calls you ***** frantically explains that you actually purchased an original ***** by the artist, not the autographed print you thought you *****. The original 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 ***** *****. When you hesitate to return the ***** without receiving at ***** the autographed print, the gallery ***** threatens you by stating that if you do not return the painting, she will inform all ***** the art g*****eries in the state of your refusal and ask that none of the galleries sell to you in ***** future.

How *****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 information provided by the seller. In order for the ***** to assert a cl*****im based on his mistake ***** fact, he would have to show that ***** buyer ***** aware of the mistake at the time of ***** sale ***** purposely remained silent to complete the transaction before the seller realized ***** mistake.

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

Did the gallery provide what it guaranteed?

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

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

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


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