LEGAL ENVIRONMENT OF BUSINESS
Jerry decided he better get a new car. His '89 Toyota Tercel was not cutting the mustard any longer. Jerry decided to buy a pick-up truck. He saw a used 2011 Ford F-150 advertised for sale for $11,000 by a private individual, Bob Thornton. The F-150 had a V-6 engine, 4-wheel drive, and an extended cab. Jerry met with Bob and they signed a written contract for the sale of the vehicle. Jerry paid $500.00 cash down and promised to return 2 days later with a bank cashier's check for the balance of $10,500, at which time Jerry would get title of the truck. Two days later, Jerry went back to Bob's house with bank check, all set to drive away in the pick-up truck. When Jerry arrived, Bob informed Jerry he had a better offer and he had already sold the truck to Larry Bird for S13,000. Two days after, Jerry another 2011 F150 Truck with 4-wheel drive. extended cab, and a V-6 engine for $15,000.
Discuss all issues.