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 galleries and, routinely, you purchase work of copies of ***** masters. One evening, at a local gallery, you make an offer to purchase what ***** are *****ld is ***** autographed print of a ********** famous watercolor **********t. The painting is framed in glare- free argon gas glass. You pay $500.00 for the pr*****t 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 *****. 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 prints to sell to you. When you hesitate to return the painting without receiving at least the autographed print, the gallery director threatens you ***** stating that if you do *****t ***** ***** 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.

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

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

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

Did the gallery provide ***** it guaranteed?

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

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

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


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