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

question 68

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.
-Ravi may successfully plead the Statute of Frauds as a defence.

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Definitions:

Confusion

A state of perplexity or uncertainty due to difficulty in understanding something or making a decision.

Unfamiliar Culture

A culture that an individual has not been exposed to, leading to potential lack of understanding or knowledge about its practices and norms.

Ethnocentrism

The tendency to believe that one's own culture or ethnic group is superior to others, which can lead to biased judgments and interactions with people from different backgrounds.

Cultural Preference

Refers to the predispositions and choices influenced by an individual's cultural background, affecting various aspects of behavior and decision-making.