Sam Expressed an Interest in Buying a Painting from Jasper

question 2

Multiple Choice

Sam expressed an interest in buying a painting from Jasper, who claimed that the painting was a family heirloom. Jasper's asking price was $15,000, but Sam was only willing to offer $13,000. Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it. He also told him that he was only selling it under its market value because he needed the money immediately. He then implied that Sam could sell it for a higher rate if he wanted. Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000, Jasper would have to take the painting back and refund Sam. Which of the following warranties did this sales contract have?

• A) an implied warranty of merchantability
• B) an express warranty
• C) a statement of opinion
• D) an implied warranty of fitness

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Definitions:

Equity

Fair treatment and access to opportunities for all individuals, often emphasizing the importance of addressing inequalities and biases.

Equity Sensitivity

An individual difference in preference for equity or fairness in social exchange situations, affecting their reactions to perceived inequities.

Entitleds

Individuals who believe they deserve certain privileges or treatment irrespective of their actual achievements or contributions.

Overreward Inequity

A situation where an individual perceives they are receiving more rewards than what their efforts justify.