Week 2 Assignment Essay Example | Topics and Well Written Essays - 750 words

Week 2 Assignment - Essay Example At the time of entering into the contract, I gave him $100, which was to serve as the consideration. There was a legal objective to the contract since my friend legally owned the furniture. In the end, we set the terms for both of us and signed the contract in writing, making two copies that. I retained one copy while my friend went with the other. The furniture needed to be delivered to my house two weeks after the signing of the contract and this cost was to be borne by the seller. After delivery, I was to pay the full amount in cash. However, two weeks after, my friend had still not delivered the furniture. I called him to inquire why he had not obeyed the terms we had agreed on. He replied that he could not deliver the furniture because he had not found a place to buy new furniture to replace what he was selling. This was not among the conditions we had put in our contract. In the meantime, I had already sold my old furniture for $400 and I had withdrawn $600 from my bank account in readiness for payment. The contract I had entered into was not successfully fulfilled, which shows there was a breach in the terms of the contract. Therefore, I took the necessary steps to sue my friend for damages in a court of law for breach. There were a number of remedies available for breach of contract. They included awarding of damages, rescission of the contract and specific performance of the contract. I was entitled to damages being the innocent party as far as the breach was concerned. Damages in this case were supposed to be nominal since I incurred no loss from the breach of contract. If I had suffered any loss in terms of monetary value, I would have qualified for substantial damages that would have been determined based on the remoteness of the loss. As opposed to the equitable remedies of injunction and specific damages are available as a right (Miller, 2012). Punitive damages would also have served to punish the party in breach