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Jimmy, an art dealer and merchant, is running out of funds.
- From Law, Business Law
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Jimmy, an art dealer and merchant, is running out of funds. Luckily, he owns a priceless Van Gogh painting. He writes his friend Tommy. The letter says “Tommy you remember that Van Gogh painting you were interested in buying? I will offer it to you for $500,000. I will give you one month to accept this offer.” Jimmy signs the letter. Tommy receives the letter, and he is very excited. He writes back two weeks later saying that he accepts, and Tommy encloses a check for $500,000. Unfortunately, Jimmy received a better offer for the painting, and Jimmy accepts that one.
- Is there a breach of contract?
- If so, what remedies may Tommy get?
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[Solved] Jimmy, an art dealer and merchant, is running out of funds.
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- Submitted On 18 Nov, 2016 09:16:29
Answer posted by
- Tutor-571
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First let’s define what a Breach of Contract is: n. failing to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or...
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