Case summary: The person JF purchased a baseball card from the person MS. The card was delivered in Nebraska and was kept in a safe-deposit box by the person JF. After 2 years, the person JF sent the card for authentication to PSA, a grading agency, which found the card as ungradable. The person JF informed the person MS, who replied that the card should have been returned within the seven days to the 1-month time period of its receipt. The person JF sent the card to ASA, another grading agency, for the second opinion and got the same feedback. The person JF then filed a suit against the person MS in the state court for damages. The person JF won the case and the person MS made an appeal to the supreme court.
To Find: Assuming that the person JF and MS included a written clause in their deal stating that any defect identified in the card must be notified within 7 days to 1 month of its receipt, then the result of the case and its reasoning.
Trending nowThis is a popular solution!
Chapter 14 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
- Birk Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data is available at December 31: Units Cost/Unit Market Value/Unit Camera: Minolta 5 $ 170 $ 158 Camera: Canon 7 $ 145 $ 152 Light Meter: Vivitar 12 $ 125 $ 114 Light Meter: Kodak 10 $ 120 $ 135 What amount should be reported on Birk Camera Shop's financial statements, assuming the lower-of-cost-or market rule is applied?arrow_forwardGeneral accountingarrow_forwardKindly help me with accounting questionsarrow_forward
- The rate of return on assets for 2012 was ?arrow_forwardUsing the following information, prepare a Variable Costing Income Statement. Sales $5,000,000 Variable cost of goods sold $1,500,000 Variable selling expense $700,000 Fixed selling expenses $175,000 Fixed manufacturing costs $500,000arrow_forwardDuring FY 2018 Bay Manufacturing had total manufacturing costs are $450,000. Their cost of goods manufactured for the year was $459,000. The January 1, 2019 balance of the Work-in-Process Inventory is $59,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory.arrow_forward
BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage Learning
Accounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education