Ask Financial Management Expert

Elizabeth Covington has brought Michael Ferrell to court. Elizabeth Covington is seeking to get her card back from Michael Ferrell or in the alternative Elizabeth wants to recover the true value of the card ($80,000?).

You are Judge Wapner and you are presented with the following evidence:

Elizabeth Covington, who was sixty five years old when her husband died, needed as much money as she could muster, decided to have a garage sale. Her husband had a baseball card collection but Elizabeth knew nothing about baseball or baseball cards. She displayed the cards along with many other items. Michael Ferrell, an eighteen-year-old, who lived in the neighborhood, attended the sale. What caught his eye was the baseball card collection and, specifically what appeared to be a 1952 Topps Mickey Mantle rookie baseball card in near mint condition. On the outside of the box container was a sticker indicating "All cards $1 each." He couldn't believe his eyes. He had heard that a similar Mantle card had sold in 2006 for $72,000. He thought about telling Mrs. Covington the real value but decided against it and paid her the $1 and left. Later that month, while she was watching her favorite public television show, she saw Michael asking the antiques expert to estimate the value of the card. The expert said that even in a tough economy the card would likely bring $80,000 at public auction. Elizabeth was heartbroken; not only had she sold her husband’s personal belongings (which she had come to regret), but she knew that this one card could have “paved the way” for a more financially secure retirement. If only she had known…

What is your decision and the reasoning underscoring your decision.

Please include any legal argument that can be presented by either side.

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M93042033

Have any Question?


Related Questions in Financial Management

Assignment problems1 on the day harry was born his parents

Assignment Problems 1. On the day Harry was born, his parents put $1600 into an investment account that promises to pay a fixed interest rate of 5 percent per year. How much money will Harry have in this account when he ...

1 activities of a company that require the spending of cash

1) Activities of a company that require the spending of cash are known as: A) Uses of cash. B) Cash on hand. C) Cash receipts. D) Sources of cash. E) Cash collections. 2) Relationships determined from a firm's financial ...

Module discussion forumto prepare for this discussion

Module : Discussion Forum To prepare for this discussion, review "Basics of Speechwriting" and "Basics of Giving a Speech" in textbook Chapter 15. Then watch this video of Apple founder and CEO Steve Jobs giving the 2005 ...

Launching a new product linefor this portfolio project

Launching a New Product Line For this Portfolio Project Option, you will act as an employee in a large company that develops and distributes men's and women's personal care products. The company has developed a new produ ...

Question 1 discuss valuing bonds and how interest rates

Question : 1) Discuss valuing bonds and how interest rates affect their value. Also consider the importance of the yield-to-maturity (YTM). 2) Discuss common stocks and preferred stocks. Also, which common stock valuatio ...

Introductionlast week you determined the root causes of the

Introduction Last week, you determined the root cause(s) of the problem you are trying to resolve for your final paper. As a reminder, the decision you are working on is the one that you selected in week two. This week, ...

You have owned and operated a successful brick-and-mortar

You have owned and operated a successful brick-and-mortar business for several years. Due to increased competition from other retailers, you have decided to expand your operations to sell your products via the Internet. ...

You will be conducting an interview with a market research

You will be conducting an interview with a market research professional or a company representative. Use the results of your research to make specific recommendations on how market research can be applied to the Marketpl ...

Question 1 what is marketing research what are the two

Question 1: What is marketing research? What are the two primary types of research? Question 2: What factors influence marketing research? Question 3: The role of statistics in business decision-making? Assignment : Sele ...

Chapter 74 for commercial banks what is meant by a managed

Chapter 7 4. For commercial banks, what is meant by a managed liability? What role do liquid assets play on the balance sheet of commercial banks? What role do money market instruments play in the asset and liability man ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As