I own video production co. for 18 years. I often work with partnering company, owned by afriend. Last year my friend bought two new cameras ($7500./each) to use conjointly on mutual projects and split the profits equally, under our "vocal agreement" that when I made enough money, I would purchase one of the two cameras from him. (mo monetary value set at the time). Now, a year later, I'm interested in purchasing one of the cameras. Has they're "used value" degraded? Should I pay the original $7500. price? Just to add a wrench into the mix, I can now purchase the exact camera new for $5500.
1 Answer from Attorneys
This is really a matter of negotiation between you and your friend.
It may be that the friendship and the possibility of earning more money working together will be worth being more generous here than if you were dealing with a complete stranger.