[Law] Peter, a second-hand car dealer, purchased a car in the wholesale market for $15,000. Peter contracted to sell the car to David for $20,000, but David refused to take delivery of the car. Peter sued David for breach of contract.
Requirement: (use ILAC to answer in detail)
(1)What damages can Peter claim?
(2)If Peter later sells the car to another purchaser for $18,000, what damages, if any, would Peter be entitled to?
Answer:
1. The maximum amount that peter claim is the loss due to the breach of the contract. The loss due breach in this case is $5,000 ($20,000 - $15,000) which is the maximum that peter claim.
2. If Peter is able to sell the car for $18,000 to another buyer, the loss is restricted to the actual loss in this case i.e. $2000 ($20,000 - $18,000)
[Law] Peter, a second-hand car dealer, purchased a car in the wholesale market for $15,000. Peter...
Peter, a second-hand car dealer, purchased a car in the wholesale market for $15,000. Peter contracted to sell the car to David for $20,000, but David refused to take delivery of the car. Peter sued David for breach of contract. Requirement: 1. What damages can Peter claim? 2. If Peter later sells the car to another purchaser for $18,000, what damages, if any, would Peter be entitled to?
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