Legal Question in Real Estate Law in New Mexico

A bill of sale was signed and dated by the buyer and seller with a hand shake agreement that the item purchased would be paid that day. The item was not paid for and the seller asked for 1 week to get the money. One week came and went, and the buyer asked for another week. Nearly three weeks after the Bill of Sale has been signed no money has been exchanged. The seller has had to turn down multiple potential buyers. Are there any legal ramifications if the seller tells the *buyer* that he is selling the item to another person?


Asked on 6/30/11, 6:26 pm

1 Answer from Attorneys
Kevin Connolly Kevin J. Connolly

This is a breach of contract by Buyer. The law's favorite remedy is: sell to someone else. If they pay less than the contract-breaker, you can sue for the difference plus the costs you incur to re-sell. For example, Buyer was supposed to pick up the object (if your contract is silent on that point, then the Uniform Commercial Code--Sales supplies that term for you) so if you have to ship to Buyer's location, you can sue for the shipping charges, and insurance if applicable.

Give the contract breaker notice as soon as possible, sell the object, and if you make more, you have no damages and no suit (the best of all outcomes).

Good luck.

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Answered on 7/02/11, 9:48 am


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