P. 1
Remedies- Buyer & Seller

Remedies- Buyer & Seller

|Views: 13|Likes:
Published by Heather Kinsaul
UCC Remedies
UCC Remedies

More info:

Categories:Types, School Work
Published by: Heather Kinsaul on May 03, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOCX, PDF, TXT or read online from Scribd
See more
See less

11/08/2014

pdf

text

original

REMEDIES

UCC 1-305(a)- The remedies provided must be liberally administered to the end that the aggrieved party may be put in as good a position if the other party had fully performed but neither consequential or special damages nor penal damages may be held except as provide in UCC or CL. Seller Remedies- UCC 2-703 (shopping list of seller’s remedies) Buyer: Wrongfully Rejects or Revokes Acceptance of goods, fails to make payment on or before delivery or repudiates with respect to part or whole.  Buyer still has goods- 2-703(d),(e) o (d) Resell and recover damages under 2-706 Seller may resell goods concerned OR the undelivered balance  Resale must be in good faith and a commercially reasonable manner  Recover (Resale Price – Contract Price) + incidental damages (2-710 any
commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods after breach) – expenses saved o (e) Recover Damages for Non-Acceptance- 2-708 (Non-acceptance or repudiation) Assumption is no resale.

 

(1) Market Price (at time and place for tender) – unpaid contract price + incidental (2-710, see above) - expenses saved  If damages provided in 1 do not put in as good a position, use (2)* (2) Profit (under original K) + reasonable overhead + Incidental Damages (2-710) due cost reasonably incurred & due credit for payments or proceeds of resale.
 *If no evidence of market price at time of tender, proof of a substitute market ok.*

o UCC 2-709- Action for the Price – If reasonable effort to resell at a reasonable price or resell impracticable  (1)(b) When buyer fails to pay the price wen due, seller may recover incidental damages + price of goods id to contract if the seller is unable after reasonable effort to resell them at a reasonable price or circumstance indicate that such effort will be unavailing. UCC 2-703 Seller Remedies After Buyer Accepts Goods o Buyer accepted and does not revoke, use second half of 2-703 (e) Buyer may recover cost  UCC 2-709 (1) (a) When buyer fails to pay the price wen due, seller may recover the price of

goods accepted or of conforming goods lost or damaged within a commercially reasonably time after risk of loss has passed to buyer.

Buyer’s Remedies- UCC 2-711, 2-714 (no shopping list)  Buyer’s remedies when seller still has goods-2-711(1) o Seller fails to make delivery or repudiates, buyer may cancel

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->