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Zachary
Zachary, Attorney
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I have a hypothetical question. A, a wealthy man, gave his

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I have a hypothetical question. A, a wealthy man, gave his friend, B, a valuable stamp collection. Later as a result of poor investments, B was on the verge of bankruptcy. A, in an effort to help his friend, offered to pay B $5,000 for the stamp collection and B accepted the offer. If A fails to pay, will B be able to enforce the agreement? Can you give me an answer and cite the applicable UCC provisions? And can you give me an answer if the agreement is verbal, and then what the answer would be if it is in writing?
Submitted: 1 year ago.
Category: Legal
Expert:  Zachary replied 1 year ago.
B cannot enforce a verbal agreement because the contemplated contract exceeds $500 and thus is barred by the Statute of Frauds.§ 2-201. Formal Requirements; Statute of Frauds.

Assuming the contract is written B can sue for breach of contract.

B has to tender the stamps. § 2-507. Effect of Seller's Tender; Delivery on Condition.

(1) Tender of delivery is a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acceptance of the goods and to payment according to the contract.

(2) Where payment is due and demanded on the delivery to the buyer of goods or documents of title, his right as against the seller to retain or dispose of them is conditional upon his making the payment due.

If A refuses to pay after tender, B can sue.

Assuming that A has repudiated the contract before tendering, B can sue.

§ 2-610. Anticipatory Repudiation.

When either party repudiates the contract with respect to a performance not yet due the loss of which will substantially impair the value of the contract to the other, the aggrieved party may

(a) for a commercially reasonable time await performance by the repudiating party; or

(b) resort to any remedy for breach (Section 2-703 or Section 2-711), even though he has notified the repudiating party that he would await the latter's performance and has urged retraction; and

(c) in either case suspend his own performance or proceed in accordance with the provisions of this Article on the seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods (Section 2-704).

B's remedies are found here: § 2-703. Seller's Remedies in General.

(1) A breach of contract by the buyer includes the buyer's wrongful rejection or wrongful attempt to revoke acceptance of goods, wrongful failure to perform a contractual obligation, failure to make a payment when due, and repudiation.

(2) If the buyer is in breach of contract the seller, to the extent provided for by this Act or other law, may:

(a) withhold delivery of such goods;

(b) stop delivery of the goods under Section 2-705;

(c) proceed under Section 2-704 with respect to goods unidentified to the contract or unfinished;

(d) reclaim the goods under Section 2-507(2) or 2-702(2);

(e) require payment directly from the buyer under Section 2-325(c);

(f) cancel;

(g) resell and recover damages under Section 2-706;

(h) recover damages for non-acceptance or repudiation under (Section 2-708(1) or in a proper case the price (Section 2-709);

(j) recover the price under Section 2-709;

(k) obtain specific performance under Section 2-716;

(l) recover liquidated damages under Section 2-718;

(m) in other cases, recover damages in any manner that is reasonable under the circumstances.

(3) If the buyer becomes insolvent, the seller may:

(a) withhold delivery under Section 2-702(1);

(b) stop delivery of the goods under Section 2-705;

(c) reclaim the goods under Section 2-702(2).
Zachary, Attorney
Category: Legal
Satisfied Customers: 3927
Experience: Lead trial/International commercial attorney licensed 11 yrs
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