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*******Assignment Due Following First Lecture

 
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PostPosted: Fri Feb 03, 2017 1:19 pm    Post subject: *******Assignment Due Following First Lecture Reply with quote

Very Rich is a well-known, wealthy financial expert living in the city of Chatsworth. Crooked Carl, Rich's friend, tells Gus Gullible that he is Rich's agent for the purchase of rare coins. Crooked even shows Gullible a local newspaper clipping mentioning Rich's interest in coin collecting. Gullible, knowing of Rich's friendship with Crooked, contracts with Crooked to sell a rare coin valued at $25,000 to Rich. Crooked takes the coin and disappears with it. On the payment due date, Gullible seeks to collect from Rich, claiming that Crooked's agency made Rich liable on the theory of estoppel. Rich does not deny that Crooked was a friend, but he claims that Crooked was never his agent. Discuss fully whether an agency was in existence at the time the contract for the rare coin was made, whether the doctrine of estoppel applies, and is there any way that Rich can make himself liable after the fact.
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