Hendrix was curator of vintage guitars

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Reference no: EM133815100

Question

Hendrix was a curator of vintage guitars. He had such a reputation that if he ever showed interest in the guitar the price would start climbing. As a result, Hendrix hired Vaughan as an agent to help locate and purchase a 1950's Gibson Les Paul (a type of guitar). Vaughan was given the authority to purchase the guitar with a maximum of $15,000. Vaughan bought a Gibson Les Paul for $17,000 from Clapton. Hendrix was shocked when he saw the cost of the guitar. Hendrix immediately fired Vaughan. Not having a better idea of what to do with the guitar, Hendrix put it on display in his guitar shop with a $18,000 price tag. When the best offer he got for the guitar was $14,500, Hendrix returned the guitar to Clapton. Hendrix told Clapton that Vaughan had exceeded his authority in purchasing the guitar, and he demanded that Clapton refund the $17,000 that Vaughan had paid for the guitar. Does Clapton have to refund the money for the guitar because Vaughn exceeded his authority? Do you think that is fair? use Andersons business law & the legal environment book sections.

Reference no: EM133815100

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