Question
On June 1, Dwight contracts to sell a large tract of land to Andy for $ 500,000. The closing date is set for August 1.
On June 1, Dwight contracts to sell a large tract of land to Andy for $ 500,000. The closing date is set for August 1. Andy's plan, which Dwight is aware of, is to build a ranch on the land. During July, Andy purchases a large herd of cattle and arranges to have the cattle delivered to the land he is purchasing on August 1. In late July, Dwight repudiates the contract with Andy deciding that he wants to keep it in his family. The fair market value of the land at that point is $470,000. Because of Dwight's repudiation, Andy incurs storage costs for the cattle of $10,000 for the month of August. By September, Andy has found and purchased a new tract of land on which to put the cattle. What damages, if any, can Andy recover from Dwight? Explain your reasoning.
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