What compensation should the rescuers receive

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Reference no: EM131908441

Question: In Post v. Jones, 60 U.S. (19 How.) 150 (1857), the whaling ship Richmond ran aground on a barren coast in the Arctic Ocean and began to sink with a full cargo of whale oil. A few days later three other whaling ships came on the Richmond. The three captains, while agreeing to save the crew, threatened not to take any of the Richmond's whale oil unless the captain of the Richmond agreed to an auction. One of the three captains bid $1 per barrel for as much as he could take; the other two took as much as they could hold at $0.75 per barrel. Both prices were well below the competitive price of whale oil. When the three vessels returned to port with the Richmond's oil and crew, the owners of the Richmond sued, asking the court not to enforce the sale of the whale oil at the low auction prices. Did the captains who purchased the oil make destructive threats? Should the court set aside the auction on efficiency grounds? What compensation should the rescuers receive?

Reference no: EM131908441

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