However, if he sells it during the same season, there is nothing wrong with that. But since the season has now passed, we say that the buyer has the option.

Thus, whenever the stated price proves to be higher for some reason connected either to the buyer or to the item sold, the subsequent buyer has the option.

“Or if he sells part of the transaction for its apportioned share of the price, without disclosing this when stating the price, then the buyer has the option of retaining it or returning it. Whatever is added to the price, deducted from it during a period in which an option remains, or received as compensation for a defect or injury to it, is included in its capital cost and must be disclosed as such. But if this occurs after the sale has become binding, it is not included in the capital cost; though if he informs the buyer of the circumstances, that is commendable.”

His statement, “Or if he sells part of the transaction for its apportioned share of the price, without disclosing this when stating the price, then the buyer has the option of retaining it or returning it”: an example is where someone purchases three cars for sixty thousand, the price of each being twenty thousand. He sells one of them for its apportioned share of the price—twenty thousand—then sells the remaining two at cost for forty thousand. It then becomes known that he had purchased three cars and sold one of them. The buyer therefore has the option. This is the meaning of his statement: “Or if he sells part of the transaction for its apportioned share of the price, then the buyer has the option.” Why did you not tell him, “I have sold you two out of three cars at cost”? You must make this clear.

The position of the school is that, if the price is apportioned among the items by units, there is no option, because this involves no harm. But if it is apportioned according to value, then there is an option, because values may increase when the items are sold separately and may decrease, as is well known in wholesale and retail sales.

However, if the price is apportioned by units, such that each unit has its allotted share of the price, then if he sells part of the transaction for its share of the price and sells the remainder at cost without mentioning that he had sold some of it, the buyer has no option, because he suffers no harm. For example, if he sells three cars for sixty thousand, their value as a group—