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


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Business Law - Unilateral Mistake

BUSINESS LAW: UNILATERAL MISTAKE

***** are an avid collector *****d 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, you make an offer to purchase what ***** are *****ld is an autographed print of a ********** famous watercolor **********t. The painting is framed in gl*****- free argon gas glass. You pay $500.00 for the pr*****t and glass.

The next evening ***** gallery director calls you and 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 ***** *****. When you hesitate to return the painting without receiving at least the autographed print, the gallery director threatens you by stating that if ***** do not ***** ***** painting, she will inform all of the art g*****eries in ***** state of your refusal ***** ask that none of the galleries sell to you in ***** future.

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

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

What about the *****tion of fraud? The gallery provided ***** with an express guarantee of authenticity of the ***** print and frame. There was no issue of ***** on the part of ei*****r 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 unau*****nticated copy ***** honest mistake, there would still be no ***** ***** fraud, because fraud requires specific intent. In that case, the buyer would be entitled to rescind the sale ***** to trade the item of lesser value for the item originally bargained for, or ***** recoup ***** difference between the ***** received *****d the value for which he paid.

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

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

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

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

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