(p1) A and (A implies B), therefore B;
(p2) B and (B implies A), therefore A;
(C) Therefore, A and B.
Question 1: Do you think that this argument is logically valid, and why?
Sure, it's logically valid. It reduces to:P1. A.
P2. B.
C. A and B.
Depends what you mean by fallacious. It's garbage in, garbage out. The conclusion is only as good as the premises.Question 2: Do you think that this argument is fallacious, and if so, what kind of fallacy is it?
Refer to my more-concise version, above. If A or B is false, the conclusion immediately collapses in a heap. It's not the logic that is at fault, it's the assumption that P1 and P2 are truths in the first place.
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Edit: Reading down, I see that Sarkus got to this before I did, so please excuse the repetition.