Ravi,an Art Collector,had Been Made a Standing Offer by a Gallery

question 41

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 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 verbal agreement is valid and enforceable if the witnesses testify in court that an agreement of purchase and sale was made.

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Definitions:

Minorities

Groups of individuals differing from the larger population in terms of race, religion, language, or other characteristics, often facing disproportionate social or economic barriers.

Blaming Others

The act of assigning responsibility for faults or wrongs to someone else.

Unfairly

In a manner that is not based on justice or equality; biased or prejudiced treatment.

Self-fulfilling Prophecy

A prediction that causes itself to become true due to the behavior it generates in believers.