I think you missed my point, embedded in my sarcasm.
I can't imagine that the volume difference between a freshly split cord and a dried cord is that significant. Maybe 5% - 10% at best. No doubt, the weight difference will be more than that, but we're talking volume here, not weight.
A 5% shortage I could maybe live with. A 50% shortage, no. I'd hate to see someone abusing this "loophole" as an excuse to short-change someone.
That said, could you reference the source on the "wet cord" measurement? I've never heard this and suspect it may be the exception, possibly only in one state.