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Cover is a term used in the law of contracts to describe a remedy available to a merchant 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 goods. The buyer may then file a lawsuit against the breaching seller to recover the difference, if any, between the cost of the goods offered and the cost of the goods actually purchased. Law (a loanword from Old Norse lag), in politics and jurisprudence, is a set of rules or norms of conduct which mandate, proscribe or permit specified relationships among people and organizations, provide methods for ensuring the impartial treatment of such people, and provide punishments for those who do not follow...
A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ...
Merchants function as professional traders, dealing in commodities that they do not produce themselves. ...
The Uniform Commercial Code is one of the Uniform Acts that attempts to harmonise the law of the fifty U.S. states in the United States of America. ...
A lawsuit is a civil action brought before a court in which the party commencing the action, the plaintiff, seeks a legal remedy. ...
The possibility of cover will prevent a party from being able to sue for specific performance, which is an equitable remedy that requires the buyer have no adequate remedy at law. If the buyer is able to buy elsewhere and sue for the difference, that provides an adequate remedy. This prohibition does not apply, however, to the sale of unique goods such as original works of art, collectibles, and real estate. A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ...
This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ...
Offer and acceptance analysis is a tool in contract law used to determine whether a contract exists between two parties. ...
(Note, Consideration under English law is dealt with separately) Consideration is a central concept in the common law of contracts. ...
The parol evidence rule enacts a principle of the law of contracts that presumes that a written contract emodies the complete agreement between the parties thereto. ...
Frustration of purpose is a term used in the law of contracts to describe a defense to an action for non-performance based on the occurance of an unforseen event which makes performance impossible or commercially impracticable. ...
The Statute of Frauds refers to a requirement in many common law jurisdictions that certain kinds of transactions, typically contractual obligations, be evidenced by a writing signed by the party against whom enforcement is sought, or by their authorized agent. ...
An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ...
Delegation is a term used in the law of contracts to describe the act of giving another person the responsibility of carrying out the performance agreed to in a contract. ...
Novation, or its full title: Novation Electronic Music Systems, is an English company founded in 1992 and largely produces synthesizers. ...
Breach of contract is a legal concept in which a binding agreement or bargained-for exchange is not honored by one of the parties to the contract by non-performance or interference with the other partys performance. ...
Anticipatory repudiation (or anticipatory breach) is a term in the law of contracts that describes a declaration by one party (the promissing party) to a contract that they do not intend to live up to their obligations under the contract. ...
Liquidated damages is a term use in the law of contracts to describe a contractual term which establishes damages to be paid to one party if the other party should breach the contract. ...
In the law of remedies, a specific performance is a demand of a party to perform a specific act. ...
Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ...
Judge Richard Posner has suggested that that the availability of cover allows for efficient breach - that is, that it encourages the most efficient allocation of resources by allowing a seller to breach a contract to sell goods to one buyer when another, more lucrative opportunity comes along. The seller may thus be able to realize a sufficiently increased profit to make more money even after repaying the difference to the original buyer. Therefore, no value is lost in the transaction because the original buyer is in the same position he would have been but for the breach, and the seller is in a better position. Judge Richard Allen Posner (born January 11, 1939, New York City) is currently a judge on the United States Court of Appeals for the Seventh Circuit. ...
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