Sherwood vs. Walker - The lower court said that Sherwood...

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Econ 404 5/12/2009 rmf34 Sherwood vs. Walker Judge(s): Court: Supreme court of Michigan (Location, Date): July 1887 Plaintiff: TC Sherwood Case Summary: Walker & Sons selling cow believed to be sterile. TC Sherwood purchased cow believed by both parties to be sterile. Paid about $80. Walker & Sons soon discovered that the cow was a breeder and was pregnant. They rescinded their offer, as the cow was now worth 10x more (about $800). Sherwood was upset. There was a lack of knowledge on both sides.
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Unformatted text preview: The lower court said that Sherwood should still get the cow. The higher court affirmed this judgment. This is economic incentive to really know what you’re working with. This also puts the responsibility on the party that is selling. Its most often the case that the seller knows his property the best. Defense: Hiram Walker & Sons Verdict: Sherwood’s judgment affirmed, he should still get the cow. Law and Economics Notes:...
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