DO NOT CITE
· Your answer should be limited to no more than approximately 300 words.
· Your answer should be a statement of your position and your reasoning (i.e. your argument), applying the legal concept that is being taught. If a question asks you to consider both sides, be sure you do so.
You are encouraged NOT to cite cases or the specific code/section numbers of the UCC or R2K.
Jay the owner of an automobile body shop, has a 1962 Chevrolet Corvette convertible, all original and beautifully restored. His neighbor, Zeke, a very well-todo investment banker, has long coveted the car and over the years has repeatedly asked Jay if he would sell. Jay has always refused. In early March Jay learns that his wife, Vera, has been having an affair with Zeke. Jay does not want a divorce, but he wants revenge. Jay purchases a rather beat-up 1994 Corvette for $3,500. Pretending that he is ignorant of the affair, Jay has a conversation with Zeke.
“You know, Zeke,” he says, “I’m really torn about the Corvette.” “What about it?” says Zeke. “Well,” says Jay, “business has been off at the shop with this recession, and a lot of my investments are down. You know, the economy and everything.” “Of course,” says Zeke. “Things are tough.” “They sure are. Fact is, though, much as I don’t want to, I’ve got a Corvette I don’t need, and some ready cash would be very helpful.” “You mean, you want to sell your Corvette?” “I don’t really want to. But you know how it is.” “Sure,” says Zeke, who really doesn’t, since his investment bank paid him a hefty bonus this year. But he says, “How much are you asking?” Jay hesitates. “I hadn’t really decided on it.” “Well, if it will help you out I’ll give you $65,000 for it, right now,” says Zeke. Jay shakes his head. “Thanks. I appreciate that. But I’m not sure I really want to sell. The cash is tempting, but . . . . “ He breaks off. “But what?” “I want to think it over. It’s a tough decision.” “Tell you what,” says Zeke. “I’ll give you $70,000 right now.” He pulls out a checkbook. “Right now,” he repeats. “That’s a very good offer, you know.” “I know.” Jay hesitates again. “Actually, I feel like I’m taking advantage of you at that price.” Zeke waves a hand. “Don’t worry about me. I can afford it. The investment banking business is still going strong.” He grins and takes out a pen. “I can write the check right now. It’s good. You can get the cash tomorrow morning.” Jay agrees. Zeke writes the check. Jay insists on filling out a bill of sale, specifying the price and a Vehicle Identification Number of 299492033218. He tells Zeke that the Corvette (and the title document) is down at Jay’s shop, getting a new wax polishing, and that Zeke can pick it up tomorrow. The next day Zeke goes to Jay’s shop and is handed the keys and the signed title to the freshly polished but still rather battered 1994 Corvette. He is furious. He charges into Jay’s office, but Jay just laughs at him. Jay had cashed the check first thing in the morning and has already pocketed the proceeds. Zeke threatens all sorts of dire things. “You bought a Corvette,” says Jay. He picks up the bill of sale. “You got a Corvette. It’s VIN 299492033218, exactly what it says on the bill of sale and on the car title you’re holding there. It’s not my problem if you don’t look at what you sign.” Jay grins happily. “I think maybe you paid a little too much for it,” he says, “But as you said, you can afford it. I’m sure Vera is worth it. Have a really nice day, Zeke.” Zeke subsequently sues Jay, demanding the 1962 Corvette or a refund of his money.
Is there a contract between the parties? If so, is it for the 1962 Corvette or the 1994 Corvette? Be prepared to make arguments on behalf of both Zeke and Jay when considering this problem.
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