10.4.7.1 Uniform Commercial Code §§2-718, 2-719 | rauvinj | October 30, 2012

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10.4.7.1 Uniform Commercial Code §§2-718, 2-719

Original Creator: Kessler, Gilmore & Kronman Current Version: rauvinj
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§2-718. LIQUIDATION OR LIMITATION OF DAMAGES; DEPOSITS

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(1) Damages for breach by either party may be liquidated ill the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or non feasibility of otherwise obtaining an adequate remedy. A term fixing unreasonably large liquidated damages is void as a penalty.

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§2-719. CONTRACTUAL MODIFICATION OR LIMITATION OF REMEDY

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(1) Subject to the provisions of subsections (2) and (3) of this section and of the preceding section on liquidation and limitation of damages,

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(a) the agreement may provide for remedies in addition to or in substitution for those provided in this Article and may limit or alter the measure of damages recoverable under this Article, as by limiting the buyer's remedies to return of the goods and repayment of the price or to repair and replacement of non-conforming goods or parts; and

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(b) resort to a remedy as provided is optional unless the remedy is expressly agreed to be exclusive, in which case it is the sole remedy.

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(2) Where circumstances cause an exclusive or limited remedy to fail of its essential purpose, remedy may be had as provided in this Act.

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(3) Consequential damages may be limited or excluded unless the limitation or exclusion is unconscionable. Limitation of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable but limitation of damages where the loss is commercial is not.

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Annotated Text Information

February 15, 2015

10.4.7.1 Uniform Commercial Code §§2-718, 2-719

10.4.7.1 Uniform Commercial Code §§2-718, 2-719

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