An auction house puts a painting up for sale, which they think to be Pablo Picasso's "Acrobat and Young Harlequin." A Japanese businessman purchases the painting for $50 million. The businessman appraises the painting for insurance purposes and discovers that it is a clever fake that is worth only a few thousand dollars. Which of the following statements is true of the scenario?
A. The buyer cannot rescind because the auction house did not intentionally mislead him about the authenticity of the painting.
B. The buyer cannot rescind because he was negligent; he should have investigated the authenticity of the work before bidding on it.
C. The buyer can rescind on the basis of mutual mistake.
D. The buyer can rescind on the basis of unilateral mistake.

C. The buyer can rescind on the basis of mutual mistake.

Explanation: A bilateral mistake, also referred to as a mutual or common mistake, such mistake occurs when both parties are misinformed about the facts. A mistake of fact can lead to a requirement of a voided contract. This is the contract Will be nullified

in 2001, dell computer became the world’s largest personal computer vendor, continuing to

gain market share and post profits in an industry struggling with slumping sales and billions of

dollars in losses. dell sells 90% of its pcs directly to the final customer, largely bypassing the

reseller channel that accounts for most of the world’s pc sales. this direct customer relationship

is the key to dell’s business model, and provides distinct advantages over the indirect sales

model. dell’s direct relationship with the customer allows it to tailor its offerings to customer

needs, offer add-on products and services, and use the internet to offer a variety of customer

services. in addition, dell’s pcs are built to customers’ specifications upon receipt of an order,

giving dell additional advantages over indirect pc vendors who must try to forecast demand and

ship products based on those forecasts. dell’s direct sales and build-to-order model has achieved

superior performance in the pc industry in terms of inventory turnover, reduced overhead, cash

conversion, and return on investment (kraemer, et al., 2000).

explanation:

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