Lomax_ADealsaDeal

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Ivy Tech Community College, Indianapolis *

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102

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Business

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Feb 20, 2024

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docx

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Uploaded by JudgeBoulderGuineaPig22

3.3 Assignment: A Deal is a Deal! Niesha Lomax Indiana Wesleyan University BUS-225-01F Professor Charlita Anderson February 6, 2024 A Deal is a Deal! a. A mistake in contract law is when there is a discrepancy between the parties' intentions or when one or both parties makes decisions that are not true regarding the terms of the agreement. A mistake is an erroneous belief (Jsmaxwell, n.d.) . In contract law, there are two types of mistakes: unilateral and mutual. A mutual mistake refers to something that is a mistake by both parties that relates to an essential term of the contract (Jsmaxwell, n.d.). A unilateral mistake occurs when only one party is laboring under a mistake (Jsmaxwell, n.d.). If Tony argues that the rug should be returned because of a unilateral mistake, he more than likely will not win the case. If there is no proof of undue influence or unconscionability, courts will not intervene to protect parties against unfair negotiations. Unilateral mistakes cannot be reversed by the parties unless the courts deem the contract with unacceptable mistakes.

b. According to contract law, fraud is when one party obtains money or property through dishonesty (Jsmaxwell, n.d.) or lies to get the other party to agree to a contract. Tony will not win his lawsuit if he sues Lydia for fraud because they both agreed on the price and Tony offered to sell the rug to Lydia. They did not know that it was a rare Persian rug with value. Practically speaking, I would give up other items in my house if my mother passed away so that I could keep the things she left for me, regardless of the value. Tony clearly did not care for the rug because he would not even offer to sell it. Had the antiques hunter not mentioned to Tony that the rug he had sold Lydia was an extremely rare piece valued over $100,000, Tony would not have asked Lydia to return the rug. c. I do not think Lydia would need proof because Tony came to Lydia first and offered to sell Lydia the rug on his own free will, but it would be helpful if Lydia had evidence proving that neither of them knew the rug was a rare Persian rug. If Tony had offered Lydia the $100 back, given the fact that his mother had left him the rug, the circumstances and outcome might be different. But that is not the scenario. Tony wants the rug back so he can sell it at its true value and make a profit. And under those conditions, the judge will not grant Tony's wishes.

References Anderson, C. A. (Director). (n.d.). 3.3 Assignment: A Deal is a Deal! www.brightspace.com . Retrieved February 7, 2024, from https://brightspace.indwes.edu/d2l/le/content/222221/viewContent/3790892/View Jsmaxwell. (n.d.). Contracts . Pressbooks. Retrieved February 7, 2024, from https://pressbooks.pub/introductiontobusinesslaw/chapter/chapter-10/#chapter-68-section- 3 OCLS APA 7th EDITION CHECKLIST . (n.d.). www.ocls.indwes.edu . Retrieved February 7, 2024, from https://ocls.indwes.edu//ld.php?content_id=60432032

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