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(1) If an action based on anticipatory repudiation comes to 2-723 trial before the time for performance with respect to some or all of the goods, any damages based on market price (Section UCC 2-708 or Section UCC 2-713) shall be determined according to the price of such goods prevailing at the time when the aggrieved party learned of the ...
Many commercial contracts include clauses that set out a process whereby notice must be given and in what form. Consequently, if there is a written contract, care should be taken to check the contract terms and to ensure compliance notwithstanding that the other party may, on the face of it, have committed a clear and repudiatory breach.
Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law . Rescission at common law (as distinct from rescission in equity ) is a self-help remedy: historically, the common law courts simply gave effect to the ...
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
Uniqueness of the Property: The subject of the contract, especially in real estate transactions, must be unique to such an extent that monetary damages would not be a sufficient remedy. Irreparable Harm: The aggrieved party would suffer irreparable harm if specific performance were not granted, such as in cases where real property’s unique ...
A third-party beneficiary, in the civil law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract.