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Contracts Keyed to Blum
Estate of Nelson v. Rice
Citation:
198 Ariz. 563, 12 P.3d 238 (2000)Facts
After Nelson died, the representatives of her estate hired someone to appraise the estate’s property in preparation for an estate sale. The appraiser told the Estate that she did not appraise fine art and if she saw any she would need to hire another appraiser. The appraiser did not report any fine art. The Estate then sold the property. The Rices attended the estate sale and paid $60 for two paintings. The Rices were not professional art collectors and did not think the paintings were worth much. After their purchase, the Rices noticed the signature on the paintings looked similar to a famous artist’s and they sent pictures of the paintings to see if they might be authentic. They were authentic and the Rices were able to sell them for over $1 million. The Estate learned of the sale and sued the appraiser. That case settled. The Estate then sued the Rices claiming that their sale contract should be rescinded or reformed based on mutual mistake.
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