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


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Business Law - Unilateral Mistake

***** 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, ***** make an offer to purchase wh***** you are *****ld is ***** autographed print of a locally famous watercolor *****ist. The painting is framed in gl*****- 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 work by the art*****t, 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 painting, but also informs you that there exist no more autographed prints to sell ***** you. When you hesitate to ***** the ***** without receiving at ***** the autographed print, the gallery director threatens you by stating that if ***** do not return the painting, she will inform all of the art galleries in ***** 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 *****. The only mistake 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 cl*****im based on his mistake of fact, he would have to show that ***** buyer was aware of t***** mistake at the time of ***** sale and purposely remained silent to complete the transaction before the seller realized his *****.

What about the ********** ***** fraud? ***** gallery provided you w*****h an express guarantee of authenticity of the ***** print and frame. There was no issue of ***** on the part of either party to the *****. The seller actually provided something that ***** 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, there would still be no issue ***** 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 the item *****ly bargained for, or ***** recoup ***** difference between the value received ********** the value ***** *****ich he paid.

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

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

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

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

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