Explain the status of the transaction

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Reference no: EM131417346

Car Dealer, Inc. enters an enforceable contract to sell a car to Buyer for $20,000. The car has not yet been delivered when Buyer incurs a large unexpected medical expense. Buyer tells Car Dealer, Inc. that the most he could possibly pay for the car now is $17,500. Car Dealer Inc. agrees to take the lower amount for the same car. Later, when Car Dealer, Inc. is ready to deliver the car, Dealer decides to seek the entire $20,000 from Buyer. Dealer claims its promise to take $2500.00 less than originally agreed was void for lack of consideration. Buyer wants to proceed with the purchase at $17,500. Explain the status of the transaction. Would your answer change if the subject of the deal was a small cabin in the woods. How would documentation of the promise change either result, if at all?

Reference no: EM131417346

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