What are the facts of this case?

Business Financing Solutions, Inc. ("BFS") is a small lending institution that specializes in providing loans to small businesses. BFS's president, Rachel Chen, has been looking for a new location for BFS's 6,000 square foot office space. BFS has been renting space in a commercial office building for the past seven years, but would like to build a new stand-alone office closer to the business district in the city where BFS is located.

Rachel meets with a local real estate developer, Van Capser, about purchasing an undeveloped parcel of real property that Van owns (the "Casper Parcel"). Van is not enthusiastic about selling the Casper Parcel, as he has hoped to develop it as a restaurant, but Van knows Rachel well, and serves on the board of directors of a local service organization with Rachel. On September 1, Rachel and Van meet to discuss the potential for Rachel to buy the Casper Parcel. At the meeting, Rachel and Van agree that Van will sell the Casper Parcel to BFS for $285,000. They agree that BFS will pay 10% of the purchase price within seven days from the date of their meeting, that a closing will be scheduled for a date within 30 days from the date of their meeting, and that the remaining 90% of the purchase price will be due at the time of the scheduled closing.

The day after the meeting, Rachel has BFS prepare a check in the amount of $28,500 and writes a note to Van on BFS letterhead says: "Van, please find enclosed a check in the amount of $28,500, representing 10% of the purchase price of your parcel. As we agreed, we'l schedule a closing to take place in the next 30 days and I'll bring a check for the remaining balance of the $285,000 purchase price to the closing. Thanks for agreeing to sell this parcel to BFS." Rachel signs the note, encloses it in an envelope with the check, and gives it to BFS's currier to hand deliver to Van. The letter is delivered the same day. Van cashes the check in his business bank account. Rachel contracts with a construction firm to begin the planning work for the design and construction of BFS's new office on the Casper Parcel.

The following day, Rachel calls Van to schedule a date for the closing. During the phone call Van tells Rachel that he has sold the Casper Parcel to another buyer, a well-known national restaurant chain. Rachel asks Van why he did that, and Van tells Rachel that the other buyer offered him $345,000, that "the deal was too good to resist", and that he has already transferred title to the property to the new buyer.