Commercial Law Keyed to Lopucki
Chavers v. Frazier
Plaintiffs sold a Lear jet to Defendant that was approximately worth $825,000 to $850,000 at the time of the sale. Plaintiffs gained possession of the jet on May 2, 1986 and sold it at public action on June 3, 1986. All advertising for the sale was done from May 20, 1986 to May 29, 1986 and terminated within five days of the sale. The advertisements were run in two publications. The sales packet provided to prospective buyers did not include a logbook summary. Plaintiffs did not even consider performing inspections or an overhaul as required by the Federal Aviation Authority’s regulations. Plaintiffs also failed to investigate paint options, possible financing options, or “capping” the hot section charges. The jet was purchased for $425,000.
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