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Question
On May 1, Fred Farmer agreed to sell 1,000 bushels of wheat to a bread maker for $7 per bushel. Delivery was to be on August 1. After the market price of wheat rose to $8 per bushel, Fred breached the contract. If the bread maker can get substitute wheat at the current market price, can he get specific performance? If not, what two options are available to him if he seeks damages for breach of contract from Fred? What will he recover under each option?
Answer
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