Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Murray is a fourth-generation antique collector. His family immigrated to the Americas during the Irish Potato Famine and put aside every penny earned towards finding

Murray is a fourth-generation antique collector. His family immigrated to the Americas during the Irish Potato Famine and put aside every penny earned towards finding and buying Celtic collectibles. Murray was on a trip to Cape Breton last summer when he wandered into an antique store and saw a rare Celtic stein on the shelf next to a bunch of other less notable ceramic wares. The only person in the store was a teenage summer clerk who looked like he would prefer to be hiking the Cabot Trail that sunny Wednesday afternoon. Murray picked up the stein and examined it, barely able to contain his excitement at the find. The clerk looked up lazily at Murray and said, "five dollars" and promptly went back to his magazine. Murray's hand was shaky as he paid the clerk and hurried out of the store. A few weeks later, Murray put the stein on an online auction site and sold it to a collector in Colorado for $3.3 million.

1. Do you think there was a valid contract between Murray and the store?

2. Does the store owner have any claim to part of Murray's new fortune?

3.Is there any possibility that the Colorado collector would not be able to keep the stein?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Business Law

Authors: Anthony Liuzzo, Ruth Calhoun Hughes

11th Edition

1260734544, 978-1260734546

More Books

Students also viewed these Law questions