(Answered) : Please Provide Answer Following Business Law Question Thank Much Phung Orally Agreed Sell Q33097475

Please provide an answer for the following business lawquestion: Thank you very much!

Phung orally agreed to sell a thoroughbred horse to Presti for$60,000. When Presti sent a check in payment, Phung told him thathe intended to hold the check for a month for tax purposes. Phungretained possession of the horse. While the check remaineduncashed, a disagreement arose between Phung and Presti. Phungannounced that he would not go through with the transaction andthat, because the contract was oral, it was unenforceable. Presticlaimed that his sending the check was payment and this action madethe oral contract valid and enforceable. Phung denied acceptingpayment.