Lonny runs ANC Baseball Cards and Collectibles.He has been in the business for the last 25 years.He has met several baseball players and has been to many shows.He has seen authentic cards and has seen many fake cards.The economy over the last several years has been going downhill.One of the easy things for people to give up is their card collecting.This has been to Lonny's advantage from time to time because people have needed to sell their collections in order to get money.They have oftentimes sold their collections to Lonny very cheap.

Now add each of the following individually to the above set of facts.

1.Tim goes into ANC Baseball Cards and Collectibles to sell a Hank Aaron card that he owns.The card is a fake, but Tim does not know it.Tim paid full price ($800.00) for it about 5 years ago believing that it was real.Lonny immediately recognizes that the card is a fake but is pretty certain that he may be able to resell it in the future.Lonny does not tell Tim the card is fake.Lonnyagrees to pay Tim $200.00 for the card.Tim thinks the card should have sold for much more than that, but in need of money, Tim accepts the deal.

a.Analyze whether either Tim or Lonny have any defenses to the enforcement of this contract (yes or no for each person and what are they and why). (3)

a.

b.Analyze the likelihood that either of them would try to use any defenses (who would be likely to use which defense and why). (2)

a.

2.Greghas a Babe Ruth card that he knows is a fake.A real one would be worth about $1,500.00 and a fake one is worth about $15.00.Greg takes it into Lonny's shop to sell it and does not say anything about whether the card is real or fake.Lonny does not recognize that it is a fake and offers Greg $1,000.00 for the card.Greg accepts.

a.Analyze whether either Greg or Lonny have any defenses to the enforcement of this contract (yes or no for each person and what are they and why) (3)

a.

b.Analyze the likelihood that either of them would try to use any defenses (who would be likely to use which defense and why). (2)

a.

3.Assume that Lonny now owns both the Hank Aaron card and the Babe Ruth card discussed in the previous two scenarios.Remember that they are both fakes, but Lonny onlyknowsthat the Hank Aaron card is a fake.Lonny thinks the Babe Ruth card is authentic.James comes into the card shop and sees both the cards and wants them both.He talks to Lonny about them and Lonny tells James that they are both real and give him a song and dance about how he is certain they are both authentic.After some negotiation, James agrees to pay $1,200.00 for the Hank Aaron card and agrees to pay $1,300.00 for the Babe Ruth card.

a.Analyze whether either James or Lonny have any defenses to the enforcement of this contract(yes or no for each person and what are they and why). (3)

a.

b.Analyze the likelihood that either of them would try to use any defenses (who would be likely to use which defense and why). (2)

a.