Reference no: EM131659949

Question: Conditional Sales. Corvette Collection of Boston, Inc. (CCB), was a used Corvette dealership located (despite its name) in Pompano Beach, Florida. In addition to selling used Corvettes, CCB serviced Corvettes and sold Corvette parts. CCB owned some of its inventory and held the rest on consignment, although there were no signs indicating the consignments. In November 2001, CCB filed a petition for bankruptcy in a federal district court. At the time, CCB possessed six Corvettes that were consigned by Chester Finley and The Corvette Experience, Inc. (TCE). Robert Furr, on CCB's behalf, asked the court to declare that CCB held the goods under a contract for a sale or return. Finley and TCE asserted that the goods were held under a contract for a sale on approval. What difference does it make? Under what circumstances would the court rule in favor of Finley and TCE? How should the court rule under the facts as stated? Why? [In re Corvette Collection of Boston, Inc., 294 Bankr. 409 (S.D.Fla. 2003)]