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

question 8

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 unenforceable.

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Definitions:

Existentialism

A philosophical approach that emphasizes the inevitable dilemmas and challenges of human existence.

Inevitable Challenges

Refers to difficulties or obstacles that are certain to occur and cannot be avoided.

Meaning of Life

A concept that pertains to the significance of living or existence in general, often involving philosophical, religious, and existential inquiries into why we live and what our purpose is.

Male Aggression

Behaviors exhibited by males that intend to dominate or assert control, often studied in the context of social and biological sciences.