James Purchased an Abandoned Lot

question 32

Essay

James purchased an abandoned lot.When he started to develop the land,he discovered several underground storage tanks containing hazardous waste buried on the site.He claims the seller,Richards,is liable to him for the cost of removing the tanks.Richards claims he owned the lot for 20 years and never knew of the underground tanks.Richards argues he purchased the land from Thomas and that Thomas or his heirs are liable for the cost of removing the underground tanks.Explain whether Richards has any liability for the costs of cleanup.Does Thomas or do his heirs have any liability?

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Definitions:

Professional Soccer

Professional Soccer refers to the sport of soccer played at a professional level, characterized by athletes who receive payment for their performance and skills in the game.

Personal Liability

The legal responsibility of an individual to satisfy debts or obligations from their own assets.

Business Organization

A structured entity set up to conduct commercial, industrial, or professional activities, governed by a particular legal structure.

Joint Venture

An enterprise undertaken by two or more parties who share profits, losses, and control over the project.