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UCC Remedies - Coggle Diagram
UCC Remedies
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Seller's Remedies
§ 2-703: Seller’s Remedies in General
If the buyer wrongfully rejects or revokes acceptance of goods, fails to make a payment due on or before delivery, or repudiates on part or all of the contract, the seller may:
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§ 2-709: Action for the Price
(Full recovery generally allowed only for specialized goods with no resale market)
(1) If the buyer doesn’t pay the price when it becomes due, the seller may recover the price: (a) goods accepted or conforming goods lost and damaged within a reasonable time of the risk of loss passing to the buyer; and (b) goods identified in the contract if the seller couldn’t resell the product at a reasonable price or other circumstances show the effort was unavailing
(2) When the seller sues for the price, they must hold the goods from the contract that are still in their possession. Unless resell becomes available and the seller resells the goods, then the proceeds of the resell must be credited to the buyer
(3) After a buyer wrongfully rejected or revoked acceptance of goods or has failed to pay (§ 2-610), the seller will be awarded damages for non-acceptance, even if the seller isn’t entitled to the price under this section
allows sellers to recover the purchase price of goods the buyer accepted or were lost or damaged after the buyer assumed the risk of loss. The seller must show a contract with a buyer who accepted the goods but failed to pay the purchase price. A buyer who fails to accept goods in a timely manner is deemed to have accepted them.
If the market price of a regularly traded good is in dispute, market reports found in generally circulated publications, trade journals, or newspapers are admissible in evidence.