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

question 21

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:

Mere Exposure

A psychological phenomenon where people tend to develop a preference for things merely because they are familiar with them.

Anxious Attachment

A style of attachment characterized by a strong fear of being abandoned by the relationship partner and a desire to maintain closeness.

Imprinting

An innate form of learning within a critical period early in an animal's life where it forms attachments and recognizes certain stimuli as essential.

Insecure Attachment

A type of attachment characterized by fear, anxiety, or avoidance in relationships, stemming from inconsistent or negative early experiences with caregivers.