BUS 4332

You and a friend enter into a contractual agreement in which you agree that your friend will sell you his old guitar for $350.00 and you will pay the $350.00 to him in cash. On the day the exchange is to take place, your friend calls you up and says he has changed his mind and is not going to sell. You are still determined to get a guitar so you look around and find one for $500.00, which is the same make and model of the one your friend was going to sell you. You take a day off of work to go purchase the guitar because the seller tells you it is first come, first serve and you don’t want to lose the deal. The seller lives 50 miles away so you incur about $20.00 in toll charges and, of course, there is the gas you used. You make it in time and buy the $500.00 guitar. Then you think about filing a claim against your friend in small claims court for breach of contract. What monetary damages would you be entitled to? Assume this situation is a valid and binding contract. (in other words, don’t argue that it is not a contract)