Mark purchased a painting from an art gallery. He was under the mistaken impression that the painting was by a famous artist but after the purchase was concluded, Mark found out that this was not the case. He had the painting valued and was informed that it was not an original painting. In fact, he was told that the price he paid clearly reflected this while Mark thought that he had got a bargain. Required:

(a) Explain whether the contract was validly concluded, with a valid offer and acceptance.

(b) Explain whether the contract could be annulled on the basis of an error as to the subject matter.

(c) Explain if Mark could annul the sale on the basis of fraud.