Each barrel, which was priced at $10,000, produced 175 bottles of 40 ounces (approximately 1.2 litres).4 At approximately $60 per bottle, the initial price of Highland's whisky was lower than notable premium Whiskies. However, collectors also had to cover annual storage costs for the 12-year period, which placed Highland in a class of its own. Investors reserved the privilege to inspect and evaluate their whisky as it aged over the 12-year period, thus making a reserve barrel of whisky a unique opportunity. Highland's Internal Processes Customers could place orders for barrels by calling a toll-free telephone number or by using the company's e-commerce website. Highland\" s management had developed a working relationship with Spencer's Spirits (Spencer's), a global corporation that owned many leading brands of beer, wine, and spirits. Spencer's agreed to manage all online marketing and e-commerce services for Highland, having gained considerable expertise in this area over the years. In exchange for handling all online sales, Spencer's received a 10-per- cent commission on each customer order. Spencer's was responsible for receiving whisky barrel orders and collecting the $10,000 payment from each customer. Once the order was received, Spencer's notied Highland, who reserved the specied number of barrels for the customer. After the order was lled and the reserved barrel was set aside, a certicate of purchase and authenticity was prepared and sent to the customer. At the same time, a notication was sent to Spencer's requesting a transfer of funds. Spencer's would then transfer $9,000 to Highland for the order, keeping 10 per cent of the order as commission. If a collector retumed the product within the ISO-day