Question: PLEASE ANSWER FULLY WITH LAW TERMS WILL GIVE THUMBS UP Following the Covid-19 scare, Phineas, a middle-aged professor at Community College in NYC, is eager

PLEASE ANSWER FULLY WITH LAW TERMS WILL GIVE

PLEASE ANSWER FULLY WITH LAW TERMS WILL GIVE THUMBS UP

Following the Covid-19 scare, Phineas, a middle-aged professor at Community College in NYC, is eager to start a new chapter in his life. He retires from academe and decides to turn his passion for jewelry design into a career. Phineas approaches Lucifer, a salesman in high end gems (stones). Although Phineas' designs are unique and unusual, his knowledge of gems (stones) and their quality is limited. Phineas tells Lucifer that he will only buy gems which are accompanied by Gemological Institute (GI) certificates. Pursuant to a written agreement, Lucifer sells Phineas one sapphire gem and one emerald stone at a total price of $5,000 and gives Phineas Gl certificates for each gem, which attest to both their quality and color. In fact, Lucifer never had the gems (stones) evaluated and he falsified the paperwork on his computer to make the certificates look like Gl certificates on GI letterhead. Phineas designs a magnificent ring, which incorporates the two uncut stones. Vlad buys the ring from Phineas for $10,000 as an Easter gift for his wife. Before Vlad gives the ring to his wife, he has the ring appraised for insurance purposes. The insurance company informs Vlad that the two gems (stones) in the ring are of inferior quality and do not match the descriptions in the GI certificates. Vlad angrily confronts Phineas and seeks to return the ring. Vlad calls Phineas a con artist and demands a full refund, which Phineas gives him. When Phineas tries to return the two undamaged gems (stones) to Lucifer, Lucifer refuses to accept the gems (stones) or to return Phineas' money. (a) Phineas sues Lucifer. Judgment for whom? Explain (b) Assume that Phineas wins the lawsuit, what remedies would be available to Phineas? Explain

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!