Maxim 5.5.15
In the price of buying and selling, it is naturally allowed to the contracting parties to overreach each other.
Source: 1 Story, Cont. 606; Weisman, 13g
Difficulty 3/5 — Intermediate
Explanation
(English-origin maxim.) In arm's-length bargaining over price, each party is naturally permitted to seek the best deal — the law does not police hard bargaining absent fraud or duress.
Where this applies
- A car dealer offers a trade-in price of $3,000 for a car worth $5,000 and sells the same car for $8,000 — both buyer and seller were trying to get the best deal, and that is lawful bargaining.
- A homeowner negotiates aggressively to buy the lot next door at well below market value, and the seller holds out for top dollar — both are within their rights.
- A wholesale buyer haggles a farmer down to the lowest possible price for a crop, and the farmer tries to get every penny he can — hard bargaining without fraud is perfectly legal.
Legal domains
Cite this maxim
NeCede Max. 5.5.15 — In the price of buying and selling, it is naturally allowed to the contracting parties to overreach each other. — 1 Story, Cont. 606; Weisman, 13g
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