On March 31, Selco and Byco entered into a written agreement in which Selco agreed to fabricate and sell to Byco 10,000 specially designed brake linings for a new type of power brake manufactured by Byco. The contract provided that Byco would pay half of the purchase price on May 15 in order to give Selco funds to "tool up" for the work; that Selco would deliver 5,000 brake linings on May 31; that Byco would pay the balance of the purchase price on June 15; and that Selco would deliver the balance of the brake linings on June 30. On May 10, Selco notified Byco that it doubted that it could perform because of problems encountered in modifying its production machines to produce the brake linings. On May 15, however, Selco assured Byco that the production difficulties had been overcome, and Byco paid Selco the first 50 percent installment of the purchase price. Selco did not deliver the first 5,000 brake linings on May 31, or at any time thereafter; on June 10, Selco notified Byco that it would not perform the contractWhich of the following is NOT a correct statement of the parties' legal status immediately after Selco's notice on June 10?
Byco has a cause of action for total breach of contract because of Selco's repudiation, but that cause of action will be lost if Selco retracts its repudiation before Byco changes its position or manifests to Selco that Byco considers the repudiation final.  Byco can bring suit to rescind the contract even if it elects to await Selco's performance for a commercially reasonable time. Byco can await performance by Selco for a commercially reasonable time, but if Byco awaits performance beyond that period, it cannot recover any resulting damages that it reasonably could have avoided.  Byco has a cause of action for breach of contract that it can successfully assert only after it has given Selco a commercially reasonable time to perform.