Question
You are the proud owner of a classic car: a 1986 Chevy Monte Carlo SS. It has low mileage and is in near-mint condition. You
You are the proud owner of a classic car: a 1986 Chevy Monte Carlo SS. It has low mileage and is in near-mint condition. You keep it garaged and drive it occasionally on weekends and to car shows, where it has won some awards. It was recently appraised to be worth $10,000. One Sunday, an old high school classmate introduces you to Charlie, who says he has always wanted a Monte Carlo SS like yours. Charlie inspects the car carefully. He loves your car. From Charlie's questions, it is obvious that he is knowledgeable about cars generally and especially older Chevy Monte Carlos like yours. He offers you $15,000 in cash to buy the car. You want to do the deal, but you do not have the title with you and, moreover, it is Sunday, banks are closed, and Charlie cannot get the money until the next day. You and Charlie sit down in the hospitality tent and discuss the deal over a beer. You agree on the $15,000 pricecashand agree to meet at the 4th National Bank at 11 a.m. the next day, where he will give you cash, and you will give him the car and title. All this is written on a cocktail napkin which you and Charlie sign. The next day, you arrive at the bank at the appointed time with the car and the title. But Charlie never shows. Later that day, you learn from your old high school classmate that Charlie stayed at the hospitality tent and continued to drink beer, and then later whiskey, for an extended period of time. At some point, Charlie eventually passed out, paramedics were called, and he was transported to the hospital, where he remains in detox. Your classmate further tells you that Charlie also suffers from a mental disorder that is controlled by medication, but sometimes Charlie neglects to take his meds and instead "self-medicates" by drinking excessively. So, you have your 1986 Monte Carlo and a cocktail napkin that clearly describes the agreement signed by you and Charlie. Do you think you would be able to complete the transaction and collect $15,000 from Charlie in this situation?
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