Suppose that you are a collector of antique cars and you need to purchase spare

Question

Suppose that you are a collector of antique cars and you need to purchase spare parts for a 1938 engine. These parts are not made anymore and are scarce. You discover that Beem has the spare parts that you need. You contract with Beem to buy the parts and agree to pay 50 percent of the purchase price in advance. You send the payment on May 1, and Beem receives it on May 2. On May 3, Beem, having found another buyer willing to pay substantially more for the parts, informs you that he will not deliver as contracted. That same day, you learn that Beem is insolvent. Write a page fully discussing any possible remedies that would enable you to take possession of the parts.

Explanation / Answer

There is an impeach of contract here. If a contract states that the spare parts need to be delivered after the purchase price has been paid in advance then it is breaking the contract if the spare parts have been given to someone else. The payment in this case was sent on May 1st, received on May second and the spare parts were sold to another merchant. The possible remedies in this case would be find parts that can replace these. Been needs to be told that a contract has been broken in this case and 50 percent of payment has been made. Originally it is important to sell the spare parts not to the second merchant but as promised it needs to be sold to me. Fifty percent of payment given should be taken back and damages can also be asked to be given.

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.