On April 1, Owner and Buyer signed a writing in which Owner, "in consideration of $100 to be paid to Owner by Buyer," offered Buyer the right to purchase Greenacre for $100,000 within 30 days.
On May 7, before the nephew had received the letter of May 6, he phoned his uncle to report that he no longer wanted to buy the pickup truck because his driver's license had been suspended.
The contract expressly required that the excavator begin work on June 1 to enable other subcontractors to install utilities. On May 15, the excavator requested a 30-day delay in the start date for the excavation work because he was seriously behind schedule on another project.
Loyal, age 60, who had made no plans for early retirement, had worked for Mutate, Inc., for 20 years as a managerial employee-at-will when he had a conversation with the company's president, George Mutate, about Loyal's post-retirement goal of extensive travel around the United States.
On June 2 , the seller mailed to the buyer a letter accepting the order and assuring the buyer that the computer would be shipped on June 3. On June 3, the seller realized that he was out of that computer model and shipped to the buyer a different computer model and a notice of accommodation.
To fulfill that contract, and without the collector’s knowledge, the broker contracted on January 1 to purchase for $10,000 a specimen of that type coin from a third party, delivery and payment to occur on February 1.
The buyer unequivocally repudiated the contract on August 1. On August 15, the seller urged the buyer to change her mind and proceed with the scheduled closing on December 1. On October 1, having heard nothing further from the buyer, the seller sold and conveyed his ranch to a rancher without notice to the buyer.
A. nothing, because the October 5 assignment by Fido to High Finance of Fido’s contract with Toy Store was only an assignment for security. B. $10,000 in damages, because the October 5 transaction between Fido and High Finance effected, with respect to Toy Store as creditor, a novation of debtors.
On June 6, CP demanded $10,000, saying the job was one-half done. After HDS denied liability, the parties orally agreed that HDS should deposit $20,000 in escrow, pending completion to the satisfaction of HDS’s computer systems manager.
The total price of $10,000 was to be paid by Green in three installments: $2,500 on March 15; $2,500 when the boathouse was completed; $5,000 when Brown finished the digging of the channel.
The general rule is that if the breach is he breach is minor (i.e., the breaching party has substantially performed), the non-breaching party is entitled to a limited amount of any remedies that would apply to the non-material breach.
A repudiation may be retracted until such time as the promisee: (a) acts in reliance on the repudiation; (b) signifies acceptance of the repudiation; or (c) commences an action for breach of contract. Notice of the retraction must be sufficient enough to allow for the performance of promisee’s obligations.