2. PETER ENTERS INTO A CONTRACT WITH JOHN WHEREIN JOHN WILL BUILD PETER A SPEED BOAT. PETER AND JOHN HAVE AN INITIAL MEETING WHERE SPECIFIC PLANS ARE DISCUSSED AND AGRED UPON. AFTER THAT INITIAL MEETING, JOHN IS MIA AND NEVER BEGINS WORK. THE COST OF THE LABOR AND MATERIAL TO BUILD THE BOAT WAS $75,000. PETER WANTS TO SUE. IS THIS A MINOR BREACH OR MAJOR/MATERIAL BREACH? IF PETER SUES, WHAT TYPE OF DAMAGES, IF ANY, CAN HE SEEK? IS THERE A MONETARY AMOUNT THAT PETER CAN RECOVER AND IF SO, HOW WOULD IT BE CALCULATED