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Legality of Oral Agreements

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I need some help with the following scenario:

Gray Fabricating Co. and Pine Corp agreed orally that Pine would custom manufature a processor for Gray at a price of $80,000. After Pine completed the work at a cost of $60,000, Gray notified Pine that the processor was no longer needed. Pine is holding the processor and has requested payment from Gray-Pine has been unable to resell the proessor for any price. Pine incurred storage fees of 1000. If Gray refuses to pay Pine and Pine sues Gray, what is the most Pine will be entitled to recover?

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Solution Summary

This solution of 125 words analyzes the situation and discusses the legality of oral agreements in the scenario.

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In a breach of contract for an oral agreement, the remedies of the non-breaching party are different from a fully enforceable contract. However, Gray Fabricating Co. given ...

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