Pacific Marine, Inc. is a boat retailer. Pacific contracts to sell a 20-foot sailboat to Fred Jones for $25,000. However, Fred repudiates before he is to take delivery. Pacific promptly resells the same boat to Shirley Walker for $25,500. At the time of the resale, Pacific had at least two other identical boats on its lot. Pacific purchased the boat wholesale for $20,000. Pacific brings an action for damages for Fred's breach. Fred insists that since the same boat was resold for $500 more, Pacific does not have any damages. Is Fred correct? Why or why not? Please cite UCC to support your analysis.