PROBLEM 8: On 20th September X agreed to sell to Y of 10 tons of a particular chemical to be manufactured in his factory @ Rs. 8,000 per ton to be delivered on 20th October. Calculate the amount of damages which could be recovered by Y from X in each of alternative cases:
Case(a): On 1st October, X informed Y that he was not going to supply the goods since the price of that chemical rose to ` 10,000 per ton on 1st October. The price of that chemical further rose to ` 12,000 per ton on 20th October. Y decided to rescind the contract on 1st October.
Case(b): On 1st October, X informed Y that he was not going to supply the goods since the price of that chemical rose to ` 10,000 per ton on 1st October. The price of that chemical further rose to ` 12,000 per ton on 20th October. Y decided not to rescind the contract on 1st October and to wait till 20th October.
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