Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nelson died in 1996 and Newman and Franz were appointed co-personal representatives of her estate.Newman and Franz hired McKenzie-Larson to appraise the estate's personal property

Nelson died in 1996 and Newman and Franz were appointed co-personal representatives of her estate.Newman and Franz hired McKenzie-Larson to appraise the estate's personal property in preparation for an estate sale.McKenzie-Larson told them that she did not appraise fine art, and that if she saw any, they would need to hire an additional appraiser.McKenzie-Larson did not report finding any fine art, and relying on her silence and her appraisal, Newman and Franz priced the personal property and held an estate sale.Rice responded to the newspaper advertisement for the sale and attended it.At the sale, Rice bought two oil paintings for $60.Rice had bought and sold some art, but he was no expert.He had never made more than $55 on any single piece and he had bought many that turned out to be frauds, forgeries, or the work of lesser artists.He assumed that the paintings at the estate sale were not originals, given their price and the fact that the sale was being managed by professionals.Subsequently, Rice learned that the paintings were original works of Martin Johnson Heade.Rice sold the paintings on consignment at Christie's in New York for $1,072,000.After subtracting the buyer's premium and the commission, Rice realized $911,780 from the sale.Newman and Franz sued Rice, claiming that the sale contract should be rescinded on the basis of mistake.

image text in transcribed
1. The agreement between the Estate of Nelson and Rice is not unconscionable, because the estate dictated the terms of the contract by naming a price for each ..................... 9 amtmg ..... an decepaldtheaskmgprlce ....................................................................................................................................................................................................................................... 2. The Nelson Estate seeks the remedy of rescission and restitution which can be ..................... obtainedonlymanactlonmeqmty ............................................................................................................................................................................................................................................................. 3. The agreement between the Estate of Nelson and Rice for the purchase and sale of . paintings is governed by the UCC, and is voidable because of mutual mistake ..................... aboutthenameofthepamtmgs .............................................................................................................................................................................................................................................................................. 4. The agreement between the Estate of Nelson and Rice is not governed by the ..................... statute ..... 9 ffrauds ..... an dneednotbeewdencedbya ..... 9 Ignedwrltmgtobeenforced ............... 5. Assuming the contract between the estate of Nelson and Rice is voidable on the grounds of mutual mistake, the estate of Nelson cannot require the purchaser who ..................... '9 oughtthematghnmtoretumthepamtmgs

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Medical Law And Ethics

Authors: Jonathan Herring

9th Edition

0192856561, 978-0192856562

More Books

Students also viewed these Law questions

Question

An improvement in the exchange of information in negotiations.

Answered: 1 week ago

Question

1. Effort is important.

Answered: 1 week ago