Henry entered into a contract with Classic Motors to purchase a specific vehicle. The contract provided for a purchase price of $30,000.00 with a down payment of $10,000.00 and the balance of $20,000.00 on terms. Classic Motors was to repair the broken windshield and install a new CD player. Henry was to be notified once the work was completed so he could come and pick up the car. Classic Motors cashed the cheque and prepared the car as promised. Shortly before contacting Henry the car was stolen from the lot. Henry has demanded the return of his $10,000.00 down payment. What is the legal position of the parties?
Henry entered into a contract with Classic Motors to purchase a specific vehicle. The contract provided for a purchase price of $30,000.00 with a down payment of $10,000.00 and the balance of $20,000.00 on terms. Classic Motors was to repair the broken windshield and install a new CD player. Henry was to be notified once the work was completed so he could come and pick up the car. Classic Motors cashed the cheque and prepared the car as promised. Shortly before contacting Henry the car was stolen from the lot. Henry has demanded the return of his $10,000.00 down payment. What is the legal position of the parties?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Henry entered into a contract with Classic Motors to purchase a specific vehicle. The contract provided for a purchase price of $30,000.00 with a down payment of $10,000.00 and the balance of $20,000.00 on terms. Classic Motors was to repair the broken windshield and install a new CD player. Henry was to be notified once the work was completed so he could come and pick up the car. Classic Motors cashed the cheque and prepared the car as promised. Shortly before contacting Henry the car was stolen from the lot. Henry has demanded the return of his $10,000.00 down payment.
What is the legal position of the parties?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.