Assume that a client who sells rare, antique artwork wishes to sue a party who agreed to buy an original painting by Picasso. The client flew to Chicago to discuss the deal with the potential buyer and incurred $2,000 in travel expenses
The parties agreed on a price of $500,000, and that the seller would travel back to Chicago in 2 months with the painting. During those 2 months, the seller had 2 offers of $600,000 to buy the painting, which he had to refuse. The potential buyer has backed out of the deal. Discuss all the remedies the client/art seller should seek.
Look for compensatory, consequential, and specific performance to be discussed.
Answers will vary, but a good answer will include the possibility of seeking specific performance because it is a rare, valuable painting. Other damages may focus on the lost income—the two deals of $600,000 and the travel expenses should be mentioned.
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1. The operating cycle is measured based on the time it takes to convert an investment in cash into inventory and then back into an invoiced sale to customers. 2. The purpose of the income statement is to describe how much revenue was generated and what the associated level of expenses was. 3. Cost of goods sold (COGS) includes marketing and advertising costs. 4. Operating expenses (OPEX) includes electricity bills tied to manufacturing facilities.
________ is an expression indicating that the legal fiction that a company is a separate legal entity will be set aside and the shareholders of the company will be held liable for its conduct as if they were partners in a partnership
A. Fruit of the poisonous tree B. Pierce the company veil C. Ball park figure D. Right of first refusal
Interest rate volatility increases the complexity of cash management
Indicate whether the statement is true or false.
Tariffs, quotas, and currency exchange policies affect global
A. advertising. B. offshore product design. C. pricing strategies. D. promotion. E. logistics.