IRAC 2023 Business Finance

2023 Jill is trying to sell her car so she places a For Sale sign on her car

Jill is trying to sell her car so she places a “For Sale” sign on her car. She bought this car new four years ago. The sign states that the car is “For Sale” and it also provides a contact phone number. While driving in the Citrus College parking lot, Jack sees Jill’s car and writes down her telephone number. He calls up Jill and says, “Hey Jill, I’m calling for more information about the car for sale. Jill responds, “Well Jack, let me tell you a little bit about the car, first. It’s a 2003 Toyota Camry, 20,000 miles, I want $12,000 cash or check, and it’s a great car.” Jack responds, “Wow that sounds like a great deal, I’ll take it!” Jill says, “Okay meet me at the Citrus College parking lot tomorrow at 12:00pm and we can make the exchange.” Jack says, Okay. The next day, both Jill and Jack show up at the Citrus College parking lot and the Jill gives Jack the car and Jack gives Jill the money. Jack takes the car to his mechanic who tells Jack that the car actually has been driven at least 50,000 miles and the miles were manipulated. Before selling the car to Jack, Jill intentionally adjusted the miles.


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