Jims luck suddenly took a turn for the worse he has

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Unformatted text preview: any defect in or damage to the item of sale.” Jim’s luck suddenly took a turn for the worse. He has since been told by an expert in the field that the sculpture he purchased from Aria Art Gallery was not Version 1/25, but a less valuable Version 12/25 (which holds a market value of only $1 million). He is also told that his sculpture was not cast by Rodin personally, but is a reproduction cast by a Parisian art gallery in 2005 (although this does not affect its value). 2 Jim has also discovered, after a detailed examination, that there is now a crack in the sculpture which appears on the head of ‘The Thinker’. Jim is certain that there was no such crack when he viewed the statue at the art gallery and that the crack was caused by the negligent handling of the statue in the course of its delivery to his house. When told of this defect, the expert was of the view that the sculpture was likely to be worth only $500,000. This is a great pity for Jim as Pete, his good friend and a die-hard fan of Auguste Rodin, had recently offered to buy the sculpture (on the basis that it was Version 1/25) from him at the price of $4 million, an offer that Jim would have found too irresistible to refuse. This turn of events has also led Jim to suffer mental anguish and to develop a severe form of migraine. To make matters even worse, huge and dangerous-looking cracks have started to appear in the walls and ceiling of Jim’s home. Jim had to incur additional expenses by engaging outside contractors to patch up his walls and ceiling quickly, but just as one defect was rectifie...
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This document was uploaded on 04/07/2014.

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