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

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Business Law - Unilateral Mistake


You are an avid collector *****d painter of watercolors. You enjoy visiting all of the local and regional art g*****eries and, routinely, you purchase work of copies of the masters. One evening, at a local gallery, you make an offer to purchase what ***** are told is ***** autographed print of a locally famous watercolor artist. The painting is framed in glare- free argon gas glass. You pay $500.00 for ***** pr*****t ***** glass.

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

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

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

What about ***** ********** of fraud? ***** gallery provided ***** with an express guarantee of authenticity of the autographed 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 than represented. Even if the seller had sold an unsigned or unauthenticated copy by honest mistake, ***** would still be no ***** of fraud, because fraud requires specific intent. In that case, the buyer would be entitled to rescind ***** sale ***** to trade the item ***** lesser value for the item originally bargained for, or to recoup ***** difference between the ***** received and the value for which he paid.

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

*****. The seller actually *****d something worth much more than ***** item it ***** guaranteed, and the mistake inured ***** the benef***** of ***** 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 of duress are ***** met where the putative "duress" relates to something ***** is inconsequential like *****


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