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

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Business Law - Unilateral Mistake


***** 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 wh***** ***** are *****ld is ***** autographed print of a *****ly famous watercolor art*****t. 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 artist, not the autographed print ***** thought you purchased. The original painting, in your possession, is worth at least $10,000.00. The gallery director asks that you return the pa*****ting, but also informs you that there exist no more autographed prints to sell to you. When you hesitate to return the painting without receiving at ***** the ***** print, the gallery ***** threatens you ***** stating that if ***** do not ***** ***** *****, she will inform all ***** the art galleries in the state of your refusal and ask that none of ***** ***** sell to you in the future.

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

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

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

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

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

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

***** is ***** issue of duress. The requirements ***** duress are ***** met where the putative "duress" relates to something that is inconsequential like *****


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