Ravi, an Art Collector, Had Been Made a Standing Offer

question 9

True/False

Ravi, an art collector, had been made a standing offer by a gallery to purchase one of his paintings for $150,000. At shows and luncheons of the art community he had previously rejected the entreaties, knowing the painting to be worth at least twice as much. On the latest occasion of a luncheon at which Ravi was to deliver an art commentary to the guests, the gallery made its offer once more. To himself, Ravi considered the offer and concluded he could use the charitable tax relief that such a sale at a loss would generate. In the course of his speech, he acknowledged and accepted the offer. Two days later, Ravi's lawyer advised him that the purchasing gallery was NOT a charitable foundation, and no tax deduction for such a "donation" could be expected. Ravi then refused to sell the painting to the gallery. On the strength of the verbal agreement of purchase and sale made in the presence of witnesses, the gallery sued Ravi for breach of contract, and for a decree of specific performance to compel Ravi to sell it the painting. The gallery can successfully answer all of Ravi's case by raising the parol evidence rule.

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Definitions:

Chinese Society

The social structure, cultural practices, and historical development of the people living in China, characterized by its long history, diverse cultures, and complex social systems.

Temporal Orientation

The degree to which societies or individuals focus their attention and actions on past, present, or future events.

Margaret Mead

An American cultural anthropologist known for her studies and publications on the impact of culture on personality and behavior.

Core Values

Fundamental beliefs or principles that guide an individual's or organization's behavior and decision-making processes.