Under the UCC, a remedy that allows the buyer or lessee, on the seller's or lessor's breach to purchase the goods, in good faith and within a reasonable time, from another seller or lessor and substitute them for the goods due under the contract. The breaching party is liable for the difference between the contract price and cover price plus incidental and consequential damages.

Question

Business

Tanya Briggs

6 December, 02:51

Under the UCC, a remedy that allows the buyer or lessee, on the seller's or lessor's breach to purchase the goods, in good faith and within a reasonable time, from another seller or lessor and substitute them for the goods due under the contract. The breaching party is liable for the difference between the contract price and cover price plus incidental and consequential damages.

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Answers (1)

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Kaitlynn Farrell · Answer 1

This refers to "cover".

Explanation:

Under the Uniform Commercial Code if the seller or lessor of a certain product breaches the selling or leasing contract, if the buyer or lessee wants to, they may purchase or lease the same product from another seller or lessor. The buyer or lessor may file a lawsuit to recover any difference in price that may exist between the original contract and the final selling or leasing price.

This concept exists to safeguard the buyer or lessor from losing a commercial opportunity if another buyer or lessor offers more money for the seller's products that already have been "sold or leased".