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.

---

Definitions:

International Work Goals Study

A research effort focused on understanding diverse work goals across different cultures and how these goals can influence management practices and employee motivation worldwide.

Job Security

The probability that an individual will retain their job for a certain period without the risk of becoming unemployed.

Individualistic Cultures

Societies where personal independence and individual achievements are valued highly, and relationships are often secondary.

Loyalty

A strong feeling of support or allegiance towards someone or something, often manifested through continuous patronage or support.