You and all of your family members decide you want to buy your grandparent a really nice gift for the holidays, and you decide on a specific Rolex watch, entering into a purchase contract with a store to deliver the specific watch to your house on December 24 in a beautiful box with a large bow on it. Price: $10,000. On December 1 the store contacts you and tells you that they will not be able to supply the specific watch on December 24. They are out of stock. Sorry!

Answer, based on chapter 22

• Based on your reading of chapter 22, legally, what is this situation called? Be specific.
• Legally, what are you entitled to do, and when could you do it?
• In reality, what are you actually likely to do?
• Might you be entitled to damages here?
• If so, how much?