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


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Business Law - Unilateral Mistake

BUSINESS LAW: UNILATERAL MISTAKE

You are an avid collector and 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 wh***** you are *****ld is an autographed print of a ********** 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 and frantically explains that you actually purchased an original ***** by the art*****t, not the autographed print ***** thought you *****. The original painting, in your possession, is worth at least $10,000.00. The gallery director asks that you return ***** painting, but also informs you ***** 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 ***** stating that if ***** do not return the *****, she will inform all of the art g*****eries in the state of your refusal and ask that none of ***** galleries sell to you in the future.

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

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

What about the notion of fraud? ***** gallery provided you with an express guar*****tee of authenticity of the autographed print and frame. There was no issue of fraud on ***** part of either party to the *****. The seller actually provided something that ***** ***** substantially more than ***** item it believed it was selling, not something worth less than represented. Even ***** the seller had sold an unsigned or unauthenticated copy ***** 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 ***** or to trade the item of lesser value for the item *****ly bargained for, or ***** recoup the difference between the ***** received *****d the value ***** *****ich he paid.

Did the gallery provide what it guaranteed?

*****. The seller ***** ********** something worth much more ***** ***** *****em it originally guaranteed, and the mistake inured to ***** benef***** of the buyer rather than to his detriment. There is ***** cause of action for accidentally benefiting the other party.

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

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

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