Law, Business and Society 11th Edition by Tony McAdams

Exercise 26

Puritan leaders felt concern over the morality of merchants selling goods for "more than their worth." That concern was particularly grave when the goods were scarce or in great demand.
a. Should our society develop an ethic wherein goods are to be sold only "for what they are worth" Explain.
b. Can a seller make an accurate determination of worth Explain.
c. Does a product's worth differ from the price that product will bring in the marketplace Explain.
d. Personalize the inquiry: Assume you seek to sell your Ford car for $5,000. Assume you know of several identical Fords in a similar state of repair that can be purchased for $4,500. Assume you find a buyer at $5,000. Will you unilaterally lower your price or direct the purchaser to the other cars Explain.
e. If not, have you acted justly Explain.