The tripping breaker is a clue. The bottom element is probably broken and the non switched side is grounded, causing the temp to rise above the set point.
Also the age of the valve, once it opened it didn't fully seal back.
Chances are the bottom of the tank is filled with sand and sediment. Changing the element will be a temporary fix unless the sediment can be removed, more work than a 10 year old heater is worth.
Might also check the charge in the tank bladder, especially if the pump is rapid cycling. If the bladder is bad the expanding hot water will be up against the check valve in the well, with no place to go.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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