Woodridge USA Properties, L.P., bought eighty-seven commercial truck trailers from Southeast Trailer Mart, Inc. (STM). Gerald McCarty, an independent sales agent who arranged the deal, showed Woodridge the documents of title. The documents did not indicate that Woodridge was the buyer. Woodridge then asked McCarty to sell the trailers, and within three months, they were sold. McCarty did not give the proceeds to Woodridge, however. Woodridge—without mentioning the title documents—asked STM to refund the contract price. STM refused. Does Woodridge have a right to recover damages from STM? Explain.
Woodridge USA Properties, L.P., bought eighty-seven commercial truck trailers from Southeast Trailer Mart, Inc. (STM). Gerald McCarty, an independent sales agent who arranged the deal, showed Woodridge the documents of title. The documents did not indicate that Woodridge was the buyer. Woodridge then asked McCarty to sell the trailers, and within three months, they were sold. McCarty did not give the proceeds to Woodridge, however. Woodridge—without mentioning the title documents—asked STM to refund the contract price. STM refused. Does Woodridge have a right to recover damages from STM? Explain.
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 44P
Related questions
Question
Woodridge USA Properties, L.P., bought eighty-seven commercial truck trailers from Southeast Trailer Mart, Inc. (STM). Gerald McCarty, an independent sales agent who arranged the deal, showed Woodridge the documents of title. The documents did not indicate that Woodridge was the buyer. Woodridge then asked McCarty to sell the trailers, and within three months, they were sold. McCarty did not give the proceeds to Woodridge, however. Woodridge—without mentioning the title documents—asked STM to refund the contract price. STM refused.
- Does Woodridge have a right to recover damages from STM? Explain.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Business Its Legal Ethical & Global Environment
Accounting
ISBN:
9781305224414
Author:
JENNINGS
Publisher:
Cengage
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Business Its Legal Ethical & Global Environment
Accounting
ISBN:
9781305224414
Author:
JENNINGS
Publisher:
Cengage
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT