The Skipper, Gilligan, and several other companions decided totake a three-hour tour on the S.S. Minnow. Unfortunately, for them,the S.S. Minnow sank. Luckily, one of the survivors, Gilligan had a"ticket" pinned to the inside of his jacket. Many years later uponhis death, Gilligan had left his nephew, Steamboat Willy the ticketand some postcards relating to the S.S. Minnow in his will. Theticket was in very good condition and was one-of-a-kind. SteamboatWilly needed some extra money and went to the biggest antiquedealer he knew. The dealer was Fred Sandford of Sandford and Sons.Gilligan asked Fred about the value of the items he had inherited.Gilligan claimed that Fred told him the items were not worth much,however, he could come back later. Upon Gilligan's return, Fredstill claimed that the items were not worth nothing and that hecould not get more than $475 for them. Steamboat Willy was indesperate need of money and asked Fred if he would purchase theitems for $1,200. Fred paid him $1,200 for the items. Ten monthslater, Fred sold the ticket for $150,000 and the postcards for$2,000 each at a nationally advertised auction. Upon learning ofthis sale, Steamboat Willy sued Fred for fraud. At trial, SteamboatWilly produced testimony showing that Fred was a major buyer inantiques and collectibles in the area and he would have had anunderstanding of the value of the items, particularly the ticket.Fred claimed that he did not commit fraud because Steamboat Willydid not rely on his representations and that they had anarm's-length transaction. He also claimed that Steamboat Willy hadaccess to the same information that he had. How will the courtdecide this scenario?