Why's A's expected profit $.04? Planned maintenance scheduled April 23, 2019 at 23:30UTC (7:30pm US/Eastern) Announcing the arrival of Valued Associate #679: Cesar Manara Unicorn Meta Zoo #1: Why another podcast?
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Why's A's expected profit $.04?
Planned maintenance scheduled April 23, 2019 at 23:30UTC (7:30pm US/Eastern)
Announcing the arrival of Valued Associate #679: Cesar Manara
Unicorn Meta Zoo #1: Why another podcast?
Paul Davies. JC Smith's The Law of Contract (2018 2 ed). p. 6.
On a slightly different tack, but in a similar vein, Judge Richard Posner has written:17
Suppose I sign a contract to deliver 100,000 custom-ground widgets at $.10 apiece to A, for use
in his boiler factory. Afer I have delivered 10,000, B comes to me, explains that he desperately
needs 25,000 custom-ground widgets at once since otherwise he will be forced to close his pianola factory at great cost, and offers me $.15 apiece for 25,000 widgets. I sell him the widgets
and as a result do not complete timely delivery to A, who sustains $1000 in damages from my
breach. Having obtained an additional proft of $1250 on the sale to B, I am better off even
afer reimbursing A for his loss. Society is also better off. Since B was willing to pay me $.15
per widget, it must mean that each widget was worth at least $.15 to him. But it was worth only
$.14 to A—$.10, what he paid, plus $.04 ($1000 divided by 25,000), his expected proft. Tus the
breach resulted in a transfer of the 25,000 widgets from a lower valued to a higher valued use.
17 R Posner, Economic Analysis of the Law (8th edn, Aspen, 2011) 151.
Pls see the emboldenings. Whence did the $1000 hail?
Whence did the 25000 hail? This is B's quantity demanded, not A?
contract-law
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AntinatalistAntinatalist
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Paul Davies. JC Smith's The Law of Contract (2018 2 ed). p. 6.
On a slightly different tack, but in a similar vein, Judge Richard Posner has written:17
Suppose I sign a contract to deliver 100,000 custom-ground widgets at $.10 apiece to A, for use
in his boiler factory. Afer I have delivered 10,000, B comes to me, explains that he desperately
needs 25,000 custom-ground widgets at once since otherwise he will be forced to close his pianola factory at great cost, and offers me $.15 apiece for 25,000 widgets. I sell him the widgets
and as a result do not complete timely delivery to A, who sustains $1000 in damages from my
breach. Having obtained an additional proft of $1250 on the sale to B, I am better off even
afer reimbursing A for his loss. Society is also better off. Since B was willing to pay me $.15
per widget, it must mean that each widget was worth at least $.15 to him. But it was worth only
$.14 to A—$.10, what he paid, plus $.04 ($1000 divided by 25,000), his expected proft. Tus the
breach resulted in a transfer of the 25,000 widgets from a lower valued to a higher valued use.
17 R Posner, Economic Analysis of the Law (8th edn, Aspen, 2011) 151.
Pls see the emboldenings. Whence did the $1000 hail?
Whence did the 25000 hail? This is B's quantity demanded, not A?
contract-law
asked 9 mins ago
AntinatalistAntinatalist
101
New contributor
Antinatalist is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
Paul Davies. JC Smith's The Law of Contract (2018 2 ed). p. 6.
On a slightly different tack, but in a similar vein, Judge Richard Posner has written:17
Suppose I sign a contract to deliver 100,000 custom-ground widgets at $.10 apiece to A, for use
in his boiler factory. Afer I have delivered 10,000, B comes to me, explains that he desperately
needs 25,000 custom-ground widgets at once since otherwise he will be forced to close his pianola factory at great cost, and offers me $.15 apiece for 25,000 widgets. I sell him the widgets
and as a result do not complete timely delivery to A, who sustains $1000 in damages from my
breach. Having obtained an additional proft of $1250 on the sale to B, I am better off even
afer reimbursing A for his loss. Society is also better off. Since B was willing to pay me $.15
per widget, it must mean that each widget was worth at least $.15 to him. But it was worth only
$.14 to A—$.10, what he paid, plus $.04 ($1000 divided by 25,000), his expected proft. Tus the
breach resulted in a transfer of the 25,000 widgets from a lower valued to a higher valued use.
17 R Posner, Economic Analysis of the Law (8th edn, Aspen, 2011) 151.
Pls see the emboldenings. Whence did the $1000 hail?
Whence did the 25000 hail? This is B's quantity demanded, not A?
contract-law
asked 9 mins ago
AntinatalistAntinatalist
101
New contributor
Antinatalist is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Paul Davies. JC Smith's The Law of Contract (2018 2 ed). p. 6.
On a slightly different tack, but in a similar vein, Judge Richard Posner has written:17
Suppose I sign a contract to deliver 100,000 custom-ground widgets at $.10 apiece to A, for use
in his boiler factory. Afer I have delivered 10,000, B comes to me, explains that he desperately
needs 25,000 custom-ground widgets at once since otherwise he will be forced to close his pianola factory at great cost, and offers me $.15 apiece for 25,000 widgets. I sell him the widgets
and as a result do not complete timely delivery to A, who sustains $1000 in damages from my
breach. Having obtained an additional proft of $1250 on the sale to B, I am better off even
afer reimbursing A for his loss. Society is also better off. Since B was willing to pay me $.15
per widget, it must mean that each widget was worth at least $.15 to him. But it was worth only
$.14 to A—$.10, what he paid, plus $.04 ($1000 divided by 25,000), his expected proft. Tus the
breach resulted in a transfer of the 25,000 widgets from a lower valued to a higher valued use.
17 R Posner, Economic Analysis of the Law (8th edn, Aspen, 2011) 151.
Pls see the emboldenings. Whence did the $1000 hail?
Whence did the 25000 hail? This is B's quantity demanded, not A?
contract-law
contract-law
asked 9 mins ago
AntinatalistAntinatalist
101
New contributor
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AntinatalistAntinatalist
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