Reference no: EM13947886
Mr. Potbelly is holding a garage sale at his home. Mr. Slim Jim stops buy and notices a rare piece of art pottery is marked $250.00. He knows the pottery is worth a minimum of $2,500.00.
"I'll give you $100.00 for the pottery," Slim Jim tells Potbelly.
"Sure, I'll take it. I need to unload this junk. I'm moving up north. I just lost my job working for an auto parts maker," Potbelly responds.Potbelly begins digging around for a box to place the pottery in for Slim Jim.
"How much do you want for the house?" Slim Jim inquires. "I'm thinking $75,000.00." Potbelly responds.
Slim Jim just about collapses. He knows the house is worth double. "Well, I am looking for a place on this street. I'll give you $70,000.00 cash.""You're kidding? This must be my lucky day. I'll take it!" Potbelly answers. "I'll be back in an hour with a cashiers check made payable to you, Slim Jim says. "Great! I have a box in the basement. While your getting the money for the house, I will find the box for your pottery."
When Slim Jim returns, Potbelly is anything but pleased to see him. Freaky Farah has now stopped by the garage sale. She has clued Potbelly in on the true value of both the pottery and the house. Potbelly tells Slim Jim to "Get Frosted."
Slim Jim sues to enforce the sale of the Pottery and the house. Who will win? Why? Fully explain your answer, citing, defining and applying the correct law?
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