Justin Purchased a New Ford Thunderbird in April of 2003

question 65

Essay

Justin purchased a new Ford Thunderbird in April of 2003.This was to be Justin's midlife crisis car and would not be used in everyday driving.He did not sell his current car and would continue to drive it most of the time.Even though this was a low-volume car,Justin wanted his to be unique.He entered into a contract on May 1,2003 with a firm to make a custom interior for the car,with the job to be completed on June 11,2003.The customizer informed Justin on May 10 that the car would not be ready until late June.On June 12,2003,Justin rented a 2003 Thunderbird Convertible from a specialty car rental company at a cost of $120 a day until his car was ready on June 29.Can Justin recover his car rental cost from the customizer?

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Definitions:

Wage

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to a manual or unskilled worker.

Executive Compensation

Refers to the financial payments and non-monetary benefits provided to high-level management in a corporation, which may include salary, bonuses, stock options, and other benefits.

Real Wage

The wage adjusted for inflation, representing the purchasing power of the wage.

Nominal Wage

The wage paid to employees in current dollars, not adjusted for inflation, representing the face value of earned income.