QUESTION
Does this situation falls under the Fraud,Misrepresentation Good Faith and Fair Dealing? My husband sold a valuable piece of my silver to a pawn shop.
Asked on Mar 27th, 2012 on Business Law - Georgia
More details to this question:
I had a Gorham Sterling 14inch Tray and my husband sold it to a pawn shop without my permmission for $100.00 ,I found out and insisted he get it back ,he said the pawn shop gave no reciept and did not ask him for I.D. or record any thing of the transactions. Pawn shops by law are required to record all transactions of the business,buying ,selling and pawning items that come in thier business are they not?Since the pawn shop is the expert and has more knowledge than the common person off the street it was thier duty to value the item and then make a fair deal on the price ! ( $100.00 ) for a antique Gorham Silver Tray ($1500-$2000) is not fair dealing practices,not to mention they did not follow the laws governing pawn shops in our state against receiving a possible stolen item. Would I have a valid case ?
1 ANSWER
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In a "pawn" transaction, the business makes a loan secured by a tangible object, and it takes possession of the collateral to secure its loan. Under those circumstances, it must comply with applicable state law, including providing certain disclosures and a written agreement.
However, some businesses simply buy precious metal items outright. These are not "pawn" transactions (there is no loan involved), and there is generally no requirement for disclosures or a written contract. The price is negotiated between buyer and seller, and it is widely known that the buyer offers a small "wholesale" price that bears little relationship to the retail value of the item. The buyer's superior knowledge, standing alone, will generally be insufficient to allow you to avoid such a transaction.
Answered on Apr 06th, 2012 at 7:40 AM