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 the masters. One evening, at a local gallery, ***** make an offer to purchase what you are *****ld is ***** autographed print of a *****ly famous watercolor artist. The painting is framed in glare- free argon gas glass. You pay $500.00 for ***** pr*****t and glass.

***** next evening the gallery director calls you ***** frantically explains that you actually purchased an original ***** by the artist, not the autographed print you thought you purchased. The ***** painting, in your possession, is worth at least $10,000.00. The gallery director asks that you return ***** painting, but also informs you that there exist no more autographed prints to sell ***** you. When you hesitate to ***** the painting without receiving at least the ***** print, the gallery ***** threatens you by stating that if you do *****t return ***** painting, she will inform all ***** the art galleries in the state of your refusal and ask that none of ***** ***** sell to you in the future.

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

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

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

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

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

What ***** the element of duress?

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


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