Marcy and Elliot are both sophisticated merchants who deal in diamonds. Marcy contracted to purchase a diamond for $20,000 . The day after the purchase, Marcy took the diamond to a jeweler's show but the highest offer for the diamond was only $10,000 . Is Marcy's contract for purchase of the diamond for $20,000 unconscionable?
Probably not. The parties had equal bargaining power in that they were both experts in this field. Elliot did not use a superior position to force the contract on Marcy. Furthermore, Marcy is going to have a tough argument to say she did not fully understand the consequences of the agreement.
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European Union and the North American Free Trade Association are both
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