UCC 2-713:

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MisterChase
Posts: 39
Joined: Tue Aug 04, 2009 12:52 am

UCC 2-713:

Postby MisterChase » Mon Sep 13, 2010 8:31 pm

(1) Subject to the provisions of this Article with respect to proof of market price (Section 2-723), the measure of damages for non-delivery or repudiation by the seller is the difference between the market price at the time when the buyer learned of the breach and the contract price together with any incidental and consequential damages provided in this Article (Section 2-715), but less expenses saved in consequence of the seller's breach.

(2) Market price is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival.


I understand (1). I'm stuck on (2)... The term "tender" (generally and usually) refers to cash, i.e. consideration. So what (2) is saying is that:

i) If the seller repudiates (flat out doesn't deliver/refuses to perform) then the market price of the contract is determined at the time of tender, i.e. when the check was signed/cash paid/goats traded.

ii) If the seller has already delivered before rejection or revoking acceptance, then the market price is determined at the time of arrival.

Am I doing it right?



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