If I had a verbal contract to buy a lathe but theseller sold it out from under me to a guy who has all the cash?

My husband had a verbal contract to buy a piece of equipment for $10,000. He paid $2500 down and had given the guy the first check for $1000 within the last week and a half. The $2500 check was cashed but the $1000 hasn’t yet but the guy sold the equipment out from under him for cash yesterday. Can we make him sell it to my husband or do we just have the right to our money back?

Asked on March 4, 2012 under Business Law, Colorado


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