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 galleries *****, 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 locally famous watercolor **********t. 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 artist, not the ***** print you thought you *****. 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 ***** *****. When you hesitate to ***** the painting without receiving at least the autographed print, the gallery director threatens you by stating that if ***** do *****t return the *****, she will inform all ***** the art galleries in ***** state of your refusal and ask that none of the ***** sell to you in ***** future.

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

There was no mutual *****. The only mistake was that of ***** seller, 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 of fact, he would have ***** show that ***** buyer ***** aware of t***** mistake at the time ***** the sale and purposely remained silent to complete the transaction before the seller realized his mistake.

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

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

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

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

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

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