After an agreement to purchase a business, the buyer issued the seller five post-dated checks, each in the amount of $20,000, for the purchase price. They also have a contract for the sale of the business.
The seller deposited the first check on the agreed date. The next day the seller found out that the check did not clear, and that the reason that the check did not clear was that the buyer stopped payment.
Can the seller now sue the buyer for the face value of the check?