Asked by Mashudu Trinity on Jul 02, 2024

Robin offered to sell her 10-speed touring bicycle to Felicia for $200 on her return from a two-week bicycle trip to a distant city. At the end of the first week, Felicia received a long distance telephone call from Robin, in which Robin advised Felicia that she had decided not to sell the bicycle on her return. Felicia was disappointed, as a similar bicycle on the market would cost her at least $250. She decided to wait until Robin returned then urge her to go through with the sale. Before Robin reached home, her bicycle was stolen, and never found. Felicia is entitled to claim damages for the difference in value between the agreed price and the price of a similar bicycle on the market.

Market Price

The current price at which an asset or service can be bought or sold in the open market.

Agreed Price

The price that both buyer and seller have consented to in a transaction or contract.

  • Ascertain and elaborate on the redress options available following a contract breach.