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Promised to buy the instrument

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Siros owned a "Guarnerius," a rare violin made by Guarneri in 1705. He entered into a contract whereby he promised to sell, and Lister promised to buy the instrument for $20,000. Lister subsequently refused, without legal cause, to abide by the contract. Siros set the violin up for sale at public auction and gave Lister due notice of this fact. Lister was also advised of Siros' intentions to bid at the sale. The sale was properly advertised and fairly held and was well attended by collectors and musical authorities. Siros was himself the highest bidder, at $15,000. Siros then sued Lister to recover $5,000. Decide.

Reference no: EM132350049

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