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Breach of contract refers to the legal cause of action where by the earlier agreed terms or the bargained item for its exchange is not fulfilled by either the one or more parties being involved in the kind of discussions. When the parties being involved in the discussions are to committed to be able to stand as per their earlier agreed or mentioned terms, then the breach of contract is said to occur( Arrowsmith, Sisson & Marginson, 2004)..

After Jimmy and the Tommy had agreed that they would trade on the priceless Van Gogh painting, where Tommy offers to sell it at $500,000 to Jimmy who excitedly signs the agreement and accepts and later it never happens, then this is the breach of contract. Jimmy later on decides to sell his priceless Van Gogh painting to another person who offers good terms and conditions for the sale unlike Tommy and sells it without notifying him. This is breach of contract since they had discussed to sell it to Tommy who signed to agree with the stated terms.

Tommy should have some kind of remedy concerning what his friend Jimmy had done to him concerning the priceless Van Gogh painting. The remedies for Tommy may legally include; damages, specific performance and also the cancellation and the restitution. He needs to be paid the remedies for the damages which had no specific money value under the constitution of the United States of America ( Antonenko & Niederhauser, 2004).. Damages remedies are the kind of remedies that are given to person agreement has not been honored to by those who break them. Tommy will need to be given the nominal damages remedies by the Jimmy according to the law. This kind of remedy will act to help in award him with no specific money loss since he had not given any kind of money in terms of down payments hence the token will be given just as token. Although by Tommy to be given the punitive remedies of the damage by his friend Jimmy, it does not really indicate that he has completely paid his torture since he had signed the agreement and the friend changed his mind and sold it to someone else messing with him totally.

References

Antonenko, P., Toy, S., & Niederhauser, D. (2004). Modular Object-Oriented Dynamic Learning Environment: What Open Source Has to Offer. Association for Educational communications and Technology.

Arrowsmith, J., Sisson, K., & Marginson, P. (2004). What can ‘benchmarking’offer the open method of co-ordination?. Journal of European Public Policy, 11(2), 311-328.