Jones Entered into a Contract to Purchase a 1957 Edsel

question 132

Multiple Choice

Jones entered into a contract to purchase a 1957 Edsel automobile from Smith for $2000. Unknown to Smith, Jones had an opportunity to resell that car for $5000 to Brown, who wanted to use it as a prop in a movie being shot in town. Before the car was delivered and payment made, it was destroyed by fire when one of Smith's employees carelessly spilled a can of gasoline in the garage where the car was kept. If the court found that the normal market value for such a vehicle was only $3000, which of the following statements is correct with respect to the appropriate remedy that should be awarded by the court for such a breach of contract?

• A) Because of the uniqueness of the vehicle, the court should award specific performance.
• B) In these circumstances, the court should award $5000, representing the lost profits.
• C) In these circumstances, there should be no remedy since the contract has been frustrated.
• D) The court should award only $1000, the difference between the market price and the purchase price.
• E) The court could award $3000.

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