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.
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Chapter 14 Solutions
EBK THE LEGAL ENVIRONMENT OF BUSINESS:
- Correct Answerarrow_forwardchoose best answerarrow_forwardAbbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 of undiscounted merchandise returned which originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? A. $10,500 B. $30,772 C. $7,972 D. $31,400arrow_forward
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