Problem
By any reasonable standard, the 1972 Datsun 240Z is a thing of beauty. In fact, I used to own one of these beauties......ya, before I was married. Little Billy Johnson, age 14, recently came into an inheritance when his grandmother passed away. Like me, he and his dad, Johnny Johnson, always loved these cars. Assume Little Billy was walking home from school and saw one for sale in Jack's driveway. He bought it for $12,000. Little Billy had Jack drive the car over to his house where Little Billy excitedly waited on the front step for his dad to get home.Johnny Johnson pulled into the driveway and saw the car, running over to take a look. That's when Little Billy told him that "I bought it dad". Johnny was not amused. Assume the car has a fair market value of $20,000. What are Johnny Johnson's options?