TO PUNISH OR NOT TO PUNISH, THAT IS THE QUESTION

Question:
Suppose two players from opposite teams are challenging for the ball. Inadvertently, one player clearly handles the ball. The other player who was challenging for the ball, assumes that the referee would definitely have called the handling offense, and immediatly grabs the ball with his hand and places it on the ground with the intent of taking a quick free kick.

What should the referee do?

USSF answer (March 21, 2012):
To quote an old soccer aphorism: “The Laws of the Game were not written to compensate for the mistakes of players.” Inadvertent handling is not a foul; deliberate handling, as described in your scenario, is a foul. Punish accordingly.