Lehor collects antique cars. He contracts to purchase spare parts for a 1938 engine from Beem. These

Question:

Lehor collects antique cars. He contracts to purchase spare parts for a 1938 engine from Beem. These parts are not made any more and are scarce. To obtain the contract with Beem, Lehor agrees to pay 50 percent of the purchase price in advance. On May 1, Lehor sends the payment, which is received on May 2. On May 3, Beem, having found another buyer willing to pay substantially more for the parts, informs Lehor that he will not deliver as contracted. That same day, Lehor learns that Beem is insolvent. Discuss fully any possible remedies available to Lehor to enable him to take possession of these parts.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Business Law Text and Cases

ISBN: 978-0324655223

11th Edition

Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F

Question Posted: