A company that purchased two oil tankers for $778,000 from a seller that kept quiet about the fact the vessels could not dock at two New Jersey terminals is bound by the doctrine of “buyer beware,” a state judge has ruled in throwing out a lawsuit filed by the buyer.
American Petroleum & Transport did not “exercise any due diligence” to check whether the tankers it was buying could use certain petroleum terminals, Supreme Court Justice Stephen A. Bucaria of Nassau County concluded in American Petroleum & Transport v. Gellatly & Co., 640/06.
