In the Following Situations,two Parties Claim the Same Goods

question 50

Essay

In the following situations,two parties claim the same goods. Who is most likely to prevail in each circumstance? Explain.
(a)Olan steals Phil's television set and sells it to Quincy,an innocent purchaser,for value. Phil learns Quincy has the set and demands its return.
(b)Riley takes his television set for repair to Slick,a merchant who sells new and used television sets. By accident,one of Slick's employees sells the set to Tuna,an innocent purchaser-customer,who takes possession. Riley wants his set back from Tuna.

---

Definitions:

Creditors

Individuals or institutions that lend money or extend credit to others, expecting repayment in the future with possible interest.

Money Market Instruments

Short-term debt securities issued by financial institutions, companies, and governments.

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation (stock), a creditor relationship with a governmental body or a corporation (bond), or rights to ownership as represented by an option.

Shareholder

An individual or institution that owns one or more shares of stock in a public or private corporation, giving them a right to a portion of the company's profits and assets.