Title 5 — Uniform Commercial Code
40 chapters · 413 sections in this title.
5 CMC § 2701 Remedies for Breach of Collateral Contracts Not Impaired
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2701. Remedies for Breach of Collateral Contracts Not Impaired. Remedies for breach of any obligation or promise collateral or ancillary to a contract for sale are not impaired by the provisions of this division. Source: PL 3-5…
5 CMC § 2702 Seller's Remedies on Discovery of Buyer's Insolvency
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2702. Seller’s Remedies on Discovery of Buyer’s Insolvency. (1) Where the seller discovers the buyer to be insolvent he may refuse delivery except for cash including payment for all goods theretofore delivered under the contrac…
5 CMC § 2703 Seller's Remedies in General
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2703. Seller’s Remedies in General. Where the buyer wrongfully rejects or revokes acceptance of goods or fails to make a payment due on or before delivery or repudiates with respect to a part or the whole, then with respect to …
5 CMC § 2704 Seller's Right to Identify Goods to the Contract Nonwithstanding Breach or to Salvage Unfinished Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2704. Seller’s Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods. (1) An aggrieved seller under 5 CMC § 2703 may: (a) Identify to the contract conforming goods not already identified …
5 CMC § 2705 Seller's Stoppage of Delivery in Transit or Otherwise
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2705. Seller’s Stoppage of Delivery in Transit or Otherwise. (1) The seller may stop delivery of goods in the possession of a carrier or other bailee when he discovers the buyer to be insolvent (5 CMC § 2702) and may stop deliv…
5 CMC § 2706 Seller's Resale Including Contract for Resale
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2706. Seller’s Resale Including Contract for Resale. (1) Under the conditions stated in 5 CMC § 2703 on seller’s remedies, the seller may resell the goods concerned or the undelivered balance thereof. Where the resale is made i…
5 CMC § 2707 "Person in the Position of a Seller."
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2707. “Person in the Position of a Seller.” (1) A “person in the position of a seller” includes as against a principal an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who …
5 CMC § 2708 Seller's Damages for Non-acceptance or Repudiation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2708. Seller’s Damages for Non-acceptance or Repudiation. (1) Subject to subsection (2) of this section and to the provisions of this division with respect to proof of market price (5 CMC § 2723), the measure of damages for non…
5 CMC § 2709 Action for the Price
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2709. Action for the Price. (1) When the buyer fails to pay the price as it becomes due the seller may recover, together with any incidental damages under 5 CMC § 2710, the price: (a) Of goods accepted or of conforming goods lo…
5 CMC § 2710 Seller's Incidental Damages
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2710. Seller’s Incidental Damages. Incidental damages to an aggrieved seller include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods a…
5 CMC § 2711 Buyer's Remedies in General; Buyer's Security Interest in Rejected Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2711. Buyer’s Remedies in General; Buyer’s Security Interest in Rejected Goods. (1) Where the seller fails to make delivery or repudiates or the buyer rightfully rejects or justifiably revokes acceptance then with respect to an…
5 CMC § 2712 "Cover"; Buyer's Procurement of Substitute Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2712. “Cover”; Buyer’s Procurement of Substitute Goods. (1) After a breach within 5 CMC § 2711 the buyer may “cover” by making in good faith and without unreasonable delay any reasonable purchase of or contract to purchase good…
5 CMC § 2713 Buyer's Damages for Non-Delivery or Repudiation
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2713. Buyer’s Damages for Non-Delivery or Repudiation. (1) Subject to the provisions of this division with respect to proof of market price (5 CMC § 2723), the measure of damages for non-delivery or repudiation by the seller is…
5 CMC § 2714 Buyer's Damages for Breach in Regard to Accepted Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2714. Buyer’s Damages for Breach in Regard to Accepted Goods. (1) Where the buyer has accepted goods and given notification (5 CMC § 2607(3)) he may recover as damages for any non-conformity of tender the loss resulting in the …
5 CMC § 2715 Buyer's Incidental and Consequential Damages
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2715. Buyer’s Incidental and Consequential Damages. (1) Incidental damages resulting from the seller’s breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully …
5 CMC § 2716 Buyer's Right to Specific Performance or Replevin
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2716. Buyer’s Right to Specific Performance or Replevin. (1) Specific performance may be decreed where the goods are unique or in other proper circumstances. (2) The decree for specific performance may include such terms and co…
5 CMC § 2717 Deduction of Damages From the Price
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2717. Deduction of Damages From the Price. The buyer on notifying the seller of his intention to do so may deduct all or any part of the damages resulting from any breach of the contract from any part of the price still due und…
5 CMC § 2718 Liquidation or Limitation of Damages; Deposits
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2718. Liquidation or Limitation of Damages; Deposits. (1) Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by …
5 CMC § 2719 Contractual Modification or Limitation of Remedy
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2719. Contractual Modification or Limitation of Remedy. (1) Subject to the provisions of subsections (2) and (3) of this section and of 5 CMC § 2718 on liquidation and limitation of damages: (a) The agreement may provide for re…
5 CMC § 2720 Effect of "Cancellation" or "Rescission" on Claims for Antecedent Breach
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2720. Effect of “Cancellation” or “Rescission” on Claims for Antecedent Breach. Unless the contrary intention clearly appears, expressions of “cancellation” or “rescission” of the contract or the like shall not be construed as …
5 CMC § 2721 Remedies for Fraud
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2721. Remedies for Fraud. Remedies for material misrepresentation or fraud include all remedies available under this division for non-fraudulent breach. Neither rescission or a claim for rescission of the contract for sale nor …
5 CMC § 2722 Who Can Sue Third Parties for Injury to Goods
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2722. Who Can Sue Third Parties for Injury to Goods. Where a third party so deals with goods which have been identified to a contract for sale as to cause actionable injury to a party to that contract: (a) A right of action aga…
5 CMC § 2723 Proof of Market Price: Time and Place
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2723. Proof of Market Price: Time and Place. (1) If an action based on anticipatory repudiation comes to trial before the time for performance with respect to some or all of the goods, any damages based on market price (5 CMC §…
5 CMC § 2724 Admissibility of Market Quotations
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2724. Admissibility of Market Quotations. Whenever the prevailing price or value of any goods regularly bought and sold in any established commodity market is in issue, reports in official publications or trade journals or in n…
5 CMC § 2725 Statute of Limitations in Contract for Sale
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 2: SALES § 2725. Statute of Limitations in Contracts for Sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce t…
5 CMC § 3701 Letter of Advice of International Sight Draft
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TITLE 5: UNIFORM COMMERCIAL CODE DIVISION 3: COMMERCIAL PAPER § 3701. Letter of Advice of International Sight Draft. (1) A “letter of advice” is a drawer’s communication to the drawee that a described draft has been drawn. (2) Unless otherwise agreed when a bank receives from ano…