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 and painter of watercolors. You enjoy visiting all of the local and regional art g*****eries *****, routinely, you purchase work of copies of ***** masters. One evening, at a local gallery, ***** make an offer to purchase wh***** you are told is an autographed print of a ********** famous watercolor *****ist. The painting is framed in glare- 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 ***** print ***** thought you purchased. The ***** painting, in your possession, is worth at least $10,000.00. The ***** 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 ***** the painting without receiving at least the ***** print, the gallery ***** threatens you ***** stating that if you do *****t return the *****, she will inform all of the art g*****eries in the state of your refusal and ask that none ***** ***** galleries sell to you in the future.

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

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

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

Did the ***** provide what it *****d?

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

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

***** is no issue of duress. The requirements ***** duress are not met where ***** putative "duress" relates to something ***** is inconsequential like the

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