Scenario 1

A stall at the Glebe markets is selling a vase for $500. The market value of the vase is more like $150, which is what the same model sells for at two nearby shops. In two years the vase has not sold.

You are riding past on your bicycle as the stall owner is packing up. You lose control of your bicycle and crash into the stall, breaking the vase.

Question: How much are you required to pay the stall owner? Why?

Please keep your answer to between 40 to 100 words.