Good deals equal guilt?
Fair is a relative term in these instances. If the guy really wanted the T-5 and knew exactly what was wrong with it but chose to make the trade, it's not your problem, assuming the guy has an I.Q. above 70.
When you get into trading and buying & selling car parts, you'll get some sweet deals because you have what the other guy wants or in many cases, guys start 'projects'; get bored, frustrated or just run out of money and are desperate to unload specific parts for cash or space.
On the other hand, you may find yourself making a trade or deal that isn't so great for you because the other person has what you need right now or you just get sick of looking and overpay or make a lopsided trade to get on with the job.
Been there, done that - both ways. My suggestion is to be honest; don't sell crap and try to pass it off as good stuff and once you've done that and the other guy still wants the deal your conscience should be clear, as in the case you mentioned where you got a high-mileage 351 for a not-so-great T-5. No foul.
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