How will the court likely to rule in the given case and why

Assignment Help Accounting Basics

Reference no: EM131883612

Problem

John is an art dealer with special expertise in modern art. Rachel comes to John's gallery to purchase a modern art painting as an investment. John shows her several paintings that he says are high quality and will increase in value in the next five years. Rachel purchases a painting for $20,000. Five years later when Rachel has the painting appraised she finds out it's worth only $10,000. Rachel decides to bring suit against John for breach of warranty. John says that nothing was ever signed regarding the future worth of the painting. How will the court likely to rule in this case and why?

Reference no: EM131883612

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