Green contracted in a signed writing to sell Greenacre, a 500-acre tract of farmland, to Farmer. The contract provided for exchange of the deed and purchase price of $500,000 in cash on January 15. Possession was to be given to Farmer on the same date. On January 15, Green notified Farmer that because the tenant on Greenacre wrongfully refused to quit the premises until January 30, Green would be unable to deliver possession of Greenacre until then, but he assured Farmer that he would tender the deed and possession on that date. When Green tendered the deed and possession on January 30, Farmer refused to accept either, and refused to pay the $500,000. Throughout the month of January, the market value of Greenacre was $510,000, and its fair monthly rental value was $5,000. For this question only, make the following assumptions. On January 30, Farmer accepted a conveyance and possession of Greenacre and paid the $500,000 purchase price, but notified Green that he was reserving any rights he might have to damages caused by Green's breach. Farmer intended to use the land for raising cattle and had entered into a contract for the purchase of 500 head of cattle to be delivered to Greenacre on January 15. Because he did not have possession of Greenacre on that date, he had to rent another pasture at a cost of $2,000 to graze the cattle for 15 days. Green had no reason to know that Farmer intended to use Greenacre for raising cattle or that he was purchasing cattle to be grazed on Greenacre. In an action by Farmer against Green for damages, Farmer is entitled to recover 
nothing, because by paying the purchase price on January 30, he waived whatever cause of action he may have had.  nominal damages only, because the market value of the land exceeded the contract price.  $2,500 only (the fair rental value of Greenacre for 15 days).  $2,500 (the fair rental value of Greenacre for 15 days), plus $2,000 (the cost of grazing the cattle elsewhere for 15 days). 
Question: Green contracted in a signed writing to sell Greenacre, a 500-acre tract of farmland, to Farmer. The contract provided for exchange of the deed and purchase price of $500,000 in cash on January 15. Possession was to be given to Farmer on the same date. On January 15, Green notified Farmer that because the tenant on Greenacre wrongfully refused to quit the premises until January 30, Green would be unable to deliver possession of Greenacre until then, but he assured Farmer that he would tender the deed and possession on that date. When Green tendered the deed and possession on January 30, Farmer refused to accept either, and refused to pay the $500,000. Throughout the month of January, the market value of Greenacre was $510,000, and its fair monthly rental value was $5,000. For this question only, make the following assumptions. On January 30, Farmer accepted a conveyance and possession of Greenacre and paid the $500,000 purchase price, but notified Green that he was reserving any rights he might have to damages caused by Green's breach. Farmer intended to use the land for raising cattle and had entered into a contract for the purchase of 500 head of cattle to be delivered to Greenacre on January 15. Because he did not have possession of Greenacre on that date, he had to rent another pasture at a cost of $2,000 to graze the cattle for 15 days. Green had no reason to know that Farmer intended to use Greenacre for raising cattle or that he was purchasing cattle to be grazed on Greenacre. In an action by Farmer against Green for damages, Farmer is entitled to recover 
A. nothing, because by paying the purchase price on January 30, he waived whatever cause of action he may have had. 
B. nominal damages only, because the market value of the land exceeded the contract price. 
C. $2,500 only (the fair rental value of Greenacre for 15 days). 
D. $2,500 (the fair rental value of Greenacre for 15 days), plus $2,000 (the cost of grazing the cattle elsewhere for 15 days). 
Answer: