Good Property engaged the services of a professional real estate appraisal firm, McGee and McGee, prior to purchasing a large tract of property on the outskirts of town. When Dan, the CFO of Good Property, first discussed the appraisal with Andy McGee, he said the appraisal was required by 10 January. Andy said this was impossible owing to other commitments and proposed 26 January. It was agreed that Andy would be the appraiser. Dan said he would get back to Andy about the date.
The project was more complex than either Good Property or the appraisers expected. The local water conservation authority was about to issue a report that seriously affected the land, so Andy waited for it. The appraisal was not handed to Good Property until 29 January. By this time, another purchaser had acquired the property. When Dan was handed the sizable invoice for the work, he claimed that Andy had breached the contract by finishing the work late and had caused Dan to lose out on being able to buy the land. Furthermore, the invoice was far more than he expected to pay. How are these matters likely to be resolved? What arguments can Good Property and McGee raise? What would happen if McGee had not waited for the water report and Good Property had bought the land, which was later devalued by the report?