Please read the Writing, Parol Evidence, and Interpretation Notes$$ prior to completing the assigned questions. Please complete all homework below using the IRAC Method$($review the example posted in the Week One Module for IRAC format$).$Submit the answer only; do not include the homework questions.$$In June of $2023,$ Cathy and Scott came to an oral agreement for the sale of Scott$$s commercial warehouse.$$ Both parties committed to a closing date of July $31$ and a purchase price of $$650,000.$ Scott had already moved out of the warehouse at the end of May because he was planning to move into a larger space.$$ Cathy planned to open her business in September of $2023$ and wanted to get started on modifications that needed to be made to the existing warehouse.$$ She reconfigured the warehouse and made substantial renovations in order to meet the needs of her business.$$ Just before the deal was set to close on July $31,$ Scott told Cathy that he had changed his mind about selling the warehouse space and that he was backing out of their agreement.$$ What is the outcome?