Explain lehor learns that beem is insolvent

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Reference no: EM1355279

Lehor is an antique car collector. He contracts to purchase spare parts for a 1938 engine from Beem. These parts are not made anymore and are scarce. To get the contract with Beem, Lehor agrees to pay 50% of the purchase price in advance. On May 1, Lehor sends the payment, which is received on May 2. On May 3, Beem having found another buyer willing to pay substantially more for the parts informs Lehor that he will not deliver as contracted. That same day, Lehor learns that Beem is insolvent. What are the possible remedies available to Lehor?

Reference no: EM1355279

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