After several weeks of negotiations, two friends agreed over…
After several weeks of negotiations, two friends agreed over the phone that one would buy the other’s art collection. “Let me review our agreement,” the buyer said to the seller. “I will purchase all 74 of the oil paintings listed in your letter of last week, including their frames, for $874,000, to be paid in 24 monthly installments, after a down payment of $374,000.” “Exactly,” said the seller. “Just apprise your lawyer of the terms and let him prepare a contract.” The buyer’s lawyer prepared the contract, which provided, “The buyer agrees to purchase from the seller, and the seller agrees to sell to the buyer, the 74 oil paintings named below. The buyer agrees to compensate the seller $374,000 at this signing, followed by 24 monthly payments of $20,833.33 to be paid on the fifteenth of each month.” The buyer made the down payment, and the seller delivered the paintings without their frames. The buyer asserted an action against the seller to recover the frames. Which of the following statements is the most accurate?