Larry wanted to buy a 1957 Cadillac once owned by Reggie Jackson. Larry entered into a contract with the owner agreeing to pay $102,000. The owner subsequently changed his mind. If Larry sues, what remedies are potentially available?
Larry could seek specific performance. Since the item is unique and a similar vehicle is not readily obtainable, the court could order the owner to sell the car to Larry by ordering specific performance.
Although specific performance would be available, Larry could choose to seek compensatory damages, assuming he could establish an amount with reasonable certainty.
You might also like to view...
When auditing financial hedges, the auditor should understand the product, identify relevant risks and controls, and understand the appropriate accounting
a. True b. False Indicate whether the statement is true or false
The Cost of Goods Sold account will have the same ending balance whether using traditional or backflush costing
Indicate whether the statement is true or false
All of the following are elements of a hostile work environment for women EXCEPT ______.
A. repeatedly asking for a date B. placing a lewd picture on the wall C. making abusive comments to both men and women D. making sexual remarks
The ________ is a federal statute that regulates written warranties on consumer products.
A. Sarbanes-Oxley Act B. Smoot-Hawley Tariff Act C. Magnuson-Moss Warranty Act D. McLean-Stevenson Warranty Act