Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wang orally agreed to sell a thoroughbred horse to Presti for $60,000. When Presti sent a check in payment, Wang told him that he intended

Wang orally agreed to sell a thoroughbred horse to Presti for $60,000. When Presti sent a check in payment, Wang told him that he intended to hold the check for a month for tax purpose. Wang retained possession of the horse. While the check remained uncashed, a disagreement arose between Wang and Presti. Wang announced that he would not go through with the transaction and that, since the contract was oral, it was unenforceable. Presti claimed that his sending the check was payment and this action made the oral contract valid and enforceable. Wang denied accepting payment. Is Prestis claim, that sending the check make the contract enforceable? Why or why not?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Restructuring And Innovation In Banking

Authors: Claudio Scardovi

1st Edition

331940203X, 978-3319402031

More Books

Students also viewed these Finance questions

Question

analyze file formats and basic digital design rules.

Answered: 1 week ago