A contract is binding on both parties once one party has begun performance. However, sometimes it isn’t easy to tell whether a parties has actually started performing or is just getting ready to perform. For example, in Ragosta v. Wilder (156 Vt. 390, 592 A.2d 367 (Vt. 1991)), Wilder told Ragosta he would sell them some property for $88k, if they showed up with the money before it was sold to someone else. Ragosta spent $7k arranging financing to buy the property, but Wilder backed out. Ragosta sued for breach of contract, and the Trial Court found that Ragosta had begun performance. Unfortuantely for Ragosta, the Appellate Court reversed and found that Ragosta was only in “preparation for performance,” he wasn’t actually performing. The Appellate Court did note that Ragosta could retry the case on grounds of promissory estoppel.