can anyoen help me with business law?
Question by kumice91:
1.At an auction of an estate, one item to be auctioned off was a safe. When the auctioneer came to this item, he described the safe’s features and casually mentioned that the safe contained an inner door that was locked and would have to be opened by a professional locksmith. The safe was then sold to a buyer for $50. When the locksmith hired by the buyer opened the safe’s inner door, $32,307 was found. The estate demanded its return, claiming the money was an asset of the estate. The buyer naturally refused. Who gets the money?
1.At an auction of an estate, one item to be auctioned off was a safe. When the auctioneer came to this item, he described the safe’s features and casually mentioned that the safe contained an inner door that was locked and would have to be opened by a professional locksmith. The safe was then sold to a buyer for $50. When the locksmith hired by the buyer opened the safe’s inner door, $32,307 was found. The estate demanded its return, claiming the money was an asset of the estate. The buyer naturally refused. Who gets the money?
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Comments on can anyoen help me with business law? »
Sounds like one of the stupid questions law professors ask students to argue at moot court! First, check the local statutes to see if there is any legislation dealing with auctions (maybe contained in Sale of Goods Act of some kind or separate statute dealing specifically with auctions) and, if so, does it sound on discoveries like this one post-auction. Generally, when a thing is sold, it’s sold. Period. Money in this case would be buyer’s. Seller had ample opportunity to inspect item prior to auction. Seller may have action against those, if any, s/he hired to assess items prior to auction. Again, depends on their terms of contract.
My old papa had a similar question many years ago at law school. Defendant orders oysters in a restaurant, discovers a pearl; plaintiff restaurant claims ownership.