I own a bike that I value at $1,000. I list it for sale on Craigslist. Barney sees the bike and determine that it would be worth up to $1,500 to him. He offers me $1,200 and I accept. Before Barney can pick up the bike, Charles stops by my house to look at the bike. He determines the bike would be worth $1,700 to him and he offers me $1,500. I sell the bike to Charles. Barney successfully sues me for breach of contract. If the court orders me to pay expectation damages, what is my net gain, if any, from the sale of the bike? (Be sure to deduct the value of the bike.]

I own a bike that I value at $1,000. I list it for sale on Craigslist. Barney sees the bike and determine that it would be worth up to $1,500 to him. He offers me $1,200 and I accept. Before Barney can pick up the bike, Charles stops by my house to look at the bike. He determines the bike would be worth $1,700 to him and he offers me $1,500. I sell the bike to Charles. Barney successfully sues me for breach of contract. If the court orders me to pay expectation damages, what is my net gain, if any, from the sale of the bike? (Be sure to deduct the value of the bike.]

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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