This site is a developmental version of Wiki Law School. To go to the production site: www.wikilawschool.org
Smith v. Bolles: Difference between revisions
No edit summary |
Lost Student (talk | contribs) m (Text replacement - "|case_text_source=Quimbee video summary" to "|source_type=Video summary |case_text_source=Quimbee") |
||
Line 40: | Line 40: | ||
}}{{Infobox Case Brief/Case Text Link | }}{{Infobox Case Brief/Case Text Link | ||
|link=https://www.quimbee.com/cases/smith-v-bolles | |link=https://www.quimbee.com/cases/smith-v-bolles | ||
|case_text_source=Quimbee | |source_type=Video summary | ||
|case_text_source=Quimbee | |||
}} | }} | ||
}} | }} |
Revision as of 03:00, July 14, 2023
Smith v. Bolles | |
Court | Supreme Court of the United States |
---|---|
Citation | |
Date decided | December 11, 1889 |
Facts
Mr. Bolles bought 4,000 shares of stock in a mining company at $1.50/share for a total purchase price of $6,000. Bolles relied on the representation of Mr. Smith in deciding to buy the stock.
Later on, Bolles learned that Smith had mis-represented the stock value.Procedural History
Bolles filed a suit against Smith for fraudulent misrepresentation & sought damages.
Bolles claimed that Smith's representation made the stock appear $10/share.
The judge instructed that
(Bolles's damages) = (reasonable market value of the stock if it was as Smith represented) - (amount Bolles paid)
The jury decided in favor of Bolles.
Issues
Is the proper measure of damages in a fraudulent inducement action
= (the reasonable value of the property if it'd been as represented) - (contract price) ?Holding
No. The proper measure of damages in a fraudulent inducement case isn't the difference between the contract price & the reasonable value of the property if it'd been as represented.
SCOTUS: The jury had awarded improper compensation to Bolles.Judgment
Reasons
Rule
Fuller: The question is
- What did the plaintiff (Bolles) lose?
- not "What would plaintiff have gained?"
Case Text Links
- Case text at Legal Information Institute of Cornell Law School
- Case text at Justia
- Video summary at Quimbee