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Simeone v. First Bank National Ass'n

United States Court of Appeals for the Eighth Circuit

73 F.3d 184 (1996)

Relevant factsFree

First Bank (defendant) agreed to sell repossessed rare classic cars and parts to Simeone (plaintiff) for $450,000, but instead sold them to a third party for over $1.1 million to settle a separate lawsuit; after the court of appeals found First Bank breached its contract with Simeone, a jury on remand awarded compensatory damages (market value at breach minus contract price), consequential damages (value two years post-breach minus market price at breach), and incidental damages covering Simeone's cost to actually acquire one car from the third-party buyer.

IssueFree

Whether the proper measure of damages for a seller's breach of contract is the difference between the market price when the buyer learned of the breach and the contract price, plus consequential and incidental damages.

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