Thompson entered into a contract with Barnes and Tilman for the delivery of one thousand bales of hay on the first day of each month for a period of twenty-four months, payment to be made in thirty days after delivery. Within ten months after the making of the contract, Barnes and Tilman retired from business and transferred all assets, including this contract, to Hollister. Thompson, on the first day of the following month, refused to deliver to Hollister the usual one thousand bales of hay. The price of hay was then higher than the contract price, and Hollister sued Thompson. Can he recover?

Please provide a detailed explanation.