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Re: Excellent!
Posted by davidgmills (more from davidgmills) on Wed, 20 Jun 2012 09:15:38
In Reply to: Excellent!, jeff in MD really, Wed, 20 Jun 2012 08:29:29
First of all, price gouging can be either a crime or a defense to a contract. So I am not accusing him of a crime. I am only saying there is a legitimate defense to Chad's claim that he and Anil had a binding contract.

A contract that was entered into on the basis of a price gouging, when the defense is raised, creates a couple of options. First the contract can be completely voided (meaning having no force and effect at all). Secondly, the defense can require that the seller sell at cost at no profit. Or the defense can allow for the seller to make a reasonable profit, not an excessive one.

If you read my email to Chad, (the one he intentionally omitted) I proposed giving Chad the least harmful option to Chad. I proposed that he cut his profit of $85 in half to $42.50. He refused. Anil was still willing to buy from Chad, but he felt like he deserved some reduction in price. Chad refused to give him any on the grounds they had a deal.

Now do you get it?

posted by 75.66....
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