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UCC 2-610(a) gives this indication, the purchaser would be waiting at your risk if the vendor determined the market price at the time you learn of repudiation. UCC 2-723(1) would indicate this, but it would be superfluous with 2-713 so 2-713 must have something other than the plain meaning.
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
The Uniform Commercial Code ("UCC") dispenses with the mirror image rule in § 2-207. [3] UCC § 2-207(1) provides that a "definite and seasonable expression of acceptance...operates as" an acceptance, even though it varies the terms of the original offer. Such an expression is typically interpreted as an acceptance when it purports to accept ...
Cover is a term used in the law of contracts to describe a remedy available to a buyer who has received an anticipatory repudiation of a contract for the receipt of goods. . Under the Uniform Commercial Code, the buyer is permitted (but not required) to find another source of the same type of g
Repudiation (marriage), the formal act by which a husband forcibly renounces his wife in certain cultures and religions Disownment , the formal act by which a parent forcibly renounces his child Anticipatory repudiation is a term in the law of contracts that describes a declaration by one party (the promising party) to a contract that they do ...
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee.
Expectation damages are damages recoverable from a breach of contract by the non-breaching party. An award of expectation damages protects the injured party's interest in realising the value of the expectancy that was created by the promise of the other party.
According to note 4 under UCC 2–615, increased cost alone does not excuse performance unless the rise in cost is due to some unforeseen contingency which alters the nature of performance. It further explains that a change in market conditions resulting in a rise or drop in prices is not sufficient to claim impracticability because the parties ...