Critical Thinking and Writing Assignment for Business. 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. To get the contract with Beem, you 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. Discuss fully any possible remedies that would enable you to take possession of these parts.