Unformatted text preview: would be unfair for Jean-Michel to retain the benefit because Rosenfeld will be out of the $1000 and the painting that he was going to purchase. Rosenfeld argues even though the sale of the good was more than $500, in this case $12,000 fraud was no committed because of the written statement by Jean-Michel, and his acceptance of partial payment of $1000 from Rosenfeld. Jean-Michel has not argument for the reception of payment. Jean-Michel has no argument on acceptance. Conclusion No the contract between Rosenfeld and Jean-Michel did not fail, because it did not meet the elements of status of Frauds, as a written contract was present and a payment of $1000 was made by Rosenfeld to keep promise with Jean-Michel....
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- Spring '11
- Business Law, Jean-Michel Basquiat, Rosenfeld, Jean-Michel