Dr. Tad Hussein Winslow
member
- Joined
- Nov 14, 2007
- Messages
- 13,146
You are 100% right and he is 100% wrong, legally AND financially:
1. Legally: A contract is formed when there is an Offer and an Acceptance of the offer. The store makes an OFFER when it sits the product on the shelf with a price tag. When you pick the item up and take it to the counter for checkout, that act is your acceptance of their offer. You have formed a contract. Don't like it? Change the price tag *before* someone makes an acceptance.
2. Financially. It is irrelevant what it costs to *replace* it - all that matters is his cost basis in it. He got it many moons ago (hence the dust etc.), and paid a low price for it, and is surely making a profit on it. He put that price on it for a reason, as it was profitable to do so. His basis or cost doesn't change over time. If he chooses to replace it, then yes, he will pay a much higher price, but that price he can then pass on to the next customer who buys THAT - he will have to, in order to be profitable, and that's fine. He COULD have marked it up and gotten away with it but the fact is that he didn't.
Since you're both in the legal and financial right, I don't see how you could be morally wrong. He was trying to rip you off and owes you an apology, IMO.
1. Legally: A contract is formed when there is an Offer and an Acceptance of the offer. The store makes an OFFER when it sits the product on the shelf with a price tag. When you pick the item up and take it to the counter for checkout, that act is your acceptance of their offer. You have formed a contract. Don't like it? Change the price tag *before* someone makes an acceptance.
2. Financially. It is irrelevant what it costs to *replace* it - all that matters is his cost basis in it. He got it many moons ago (hence the dust etc.), and paid a low price for it, and is surely making a profit on it. He put that price on it for a reason, as it was profitable to do so. His basis or cost doesn't change over time. If he chooses to replace it, then yes, he will pay a much higher price, but that price he can then pass on to the next customer who buys THAT - he will have to, in order to be profitable, and that's fine. He COULD have marked it up and gotten away with it but the fact is that he didn't.
Since you're both in the legal and financial right, I don't see how you could be morally wrong. He was trying to rip you off and owes you an apology, IMO.
