23 May DOES THE COVER AND RECOVERY OF DAMAGES RULE MAKE AN INNOCENT BUYER WHOLE AGAINST THE DEFAULTING SELLER?
Law in the Real World Introduction The purpose of this assignment is to apply the concepts discussed in Business Law to the real world. The Assignment Read the following case and answer the questions. Be sure to include supporting details for your answers. Red River Commodities, Inc, v. Eidsness 459 N.W.2d 811 (1990) Supreme Court of North Dakota Background and Facts: In early 1988, George Eidsness, a North Dakota farmer, entered into a contract to grow and sell 229,000 pounds of confection sunflowers to Red River Commodities, Inc. (RRC), at a prices of $0.1125 per pound. When Eidness did not deliver any sunflowers to RRC from his 1988 crop, RRC purchased replacement sunflowers from other sellers at $0.26 per pound. In mid-December 1988, RRC learned that Eidsness was selling sunflowers to a competitor at $0.22 per pound. RRC sued Eidsness to recover damages. The trial court held in favor of RRC and awarded it the difference between the cost of cover at $0.26 per pound and the contract price of $0.1125 per pound. The award amounted to $3,377,750 ($0.1475 x 229,000). Eidsness appealed. Questions: 1. Can RRC recover as damages the difference between the cost of cover and the original contract price? Why or why not? 2. Should a buyer be permitted to cover by purchasing replacement goods even if they are more expensive than the contract price? Why or why not? 3. Did Eidsness act ethically in this case? Why or why not? 4. Does the cover and recovery of damages rule make an innocent buyer whole against the defaulting seller? Explain. Business Law, 5th edition, Henry Cheeseman 2004, p.423 Formatting Requirements Put your name, course and section number, and assignment title at the top of the document. Use one-inch margins. Use a 12-point Times New Roman font. Use double line spacing in the document. Include URL for any sources used. Grading Criteria To receive a high score your summary must be free of grammatical, spelling and punctuation errors and fully address the questions posed.
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