Law of Accountants

222. Remedies of the Buyer or Lessee. Lehor collects antique cars. He contracts to purchase spare parts for a 1938 engine from Beem. These parts are not made anymore and are scarce. To obtain the contract with Beem, Lehor agrees to pay 50 percent of the purchase price in advance. Lehor sends the payment on May 1, and Beem receives it on May 2. On May 3, Beem, having found another buyer willing to pay substan- tially more for the parts, informs Lehor that he will not deliver as contracted. That same day, Lehor learns that Beem is insol- vent. Discuss fully any possible remedies available to Lehor to enable him to take possession of these parts. (See Remedies of the Buyer or Lessee.)