Legal Question in Business Law in Kentucky
Misrepresentation of a product
I purchased a diamond ring 5 years ago and received an appraisal, from the seller, (for insurance purposes) stating its value to be what I paid for it. I am attempting to sell this ring now and I have gotten appraisals from other jewlers indicating that the rings value is only 1/5th of what I paid (though the daimond market has been flat). Do I have any recourse with the jewler whom I purchased it from?
Asked on 6/28/99, 10:20 pm
1 Answer from Attorneys
Lawrence Graves
Coolidge & Graves PLLC
Re: Misrepresentation of a product
You need to consult a KY lawyer for details on the applicable statute of limitations.
There are two theories that come to mind: (1) breach of contract as to value [a contract claim], and (2) fraud [a tort claim].
Answered on 7/08/99, 2:20 pm
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