Question
After such a troublesome year, Alice decided to close her business, and puts her offices and equipment warehouse up for sale. Frank offered $500,000, and
After such a troublesome year, Alice decided to close her business, and puts her offices and equipment warehouse up for sale. Frank offered $500,000, and on August 1, 2020 Alice accepted, signing a written contract to sell him the property. But on August 15, 2020, Alice received an offer for $600,000 from Gail, and she accepted this too, signing a written contract to sell her the property, and then calling Frank and telling him that she would no longer sell the property to him. On September 1, 2020, Alice spoke to a professional property appraiser, who told her that the offices and equipment warehouse were worth at least $700,000, and could be worth much more if real estate prices increased in the next year, as he expected them to do. Alice decided not to sell the offices and equipment lot after all, and informed Gail of her decision. What legal remedies are available to Frank and Gail?
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