Question
Is it ethical to buy something at a yard sale or a flea market at the seller's asking price if you know the value of
Is it ethical to buy something at a yard sale or a flea market at the seller's asking price if you know the value of the item to be significantly higher than what is being asked? Let's say, for example, someone is selling an old comic book worth thousands of dollars but asks for only a quarter because he or she does not know the true value. Is it incumbent on the seller to do his or her research? If the seller does not, is it fair game?
First, put aside the ethical issues for a moment and consider the legal question: If the buyer purchases the comic book at the asked-for price, and the seller then discovers the book's true value, would the seller be able to rescind the contract?Now consider the ethical issues.Why would one agree with the New York Times' columnist's response to the reader?
https://www.nytimes.com/2013/09/22/magazine/garage-sale-arbitrage.html?smid=pl-share&_r=1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started