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Peter lives in New York but works in Ohio. Paul lives in Ohio but works in...

Peter lives in New York but works in Ohio. Paul lives in Ohio but works in New York. Paul believes he has been taken advantage of by Peter in a business dealing. Paul has paid Peter a down payment to paint his house in Ohio. Peter promised to start as soon as he could. Paul has waited for three months and nothing has happened. Paul has called Peter and asked him when he will start the job. Peter replied, "I will start as soon as I can." Although this is clearly a contract dispute, a number of other issues are raised by this particular case. Paul has come to you and asked you for advice. What are the things Paul has to consider in this matter with Peter.

My questions are:

-What are a two issues at hand?

-Can Paul get his down payment back due it being just a verbal agreement?
business   economics   
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Answer #1

Two issues are:

a. No definite time agreed to start painting job. As soon as possible term cannot clearly define time.

b. Down payment is paid for three months and that way Peter is using money without completing contract terms. Due to inflation , value of money is going down and Paul is at disadvantage completely.

Verbal agreements are valid and enforceable but difficult to prove. However, in this case, as money is paid, it is a binding contract and if failed to complete job, Paul can get money back with penalty to Peter.

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