Business Law Today 8th Edition by Roger LeRoy Miller,Gaylord Jentz

Exercise 2

Alberto Corelli offers to purchase for $2,500 a painting titled Moonrise from Tara Shelley, an artist whose works have been causing a stir in the art world. Shelley accepts Corelli's offer. Assuming that the contract has met all of the requirements for a valid contract, answer the following questions.
Both parties are adults, the contract is oral, and the painting is still in progress. CoreIli pays Shelley the $2,500 in return for her promise to deliver the painting to his home when it is finished. A week or so later, after Shelley finishes the painting, a visitor to her gallery offers her $3,500 for it. Shelley sells the painting to the visitor and sends CoreIli a signed letter explaining that she is "canceling" their contract for the Moonrise painting. Corelli sues Shelley to enforce the contract. Is the contract enforceable? Explain.