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Arnon transferred these 20,000 bushels to Peter's name and charged Peter's the current market price. Shortly thereafter and before Peter had used sold the wheat

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Arnon transferred these 20,000 bushels to Peter's name and charged Peter's the current market price. Shortly thereafter and before Peter had used sold the wheat the market price declined sharply. Peter refused to pay for the wheat and tried to cancel the contract. Can he cancel. Explain

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