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Can you summarize MNST 336.2A-519?
UNIFORM COMMERCIAL CODE > LESSEE'S DAMAGES FOR NONDELIVERY, REPUDIATION, DEFAULT, AND BREACH OF WARRANTY IN REGARD TO ACCEPTED GOODS.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the damages that lessees may claim in cases of nondelivery, repudiation, default, and breach of warranty regarding accepted goods. The measure of damages depends on whether the lessee elects to cover or not, and whether the cover is by lease agreement or by purchase. The damages include the present value of the difference between the market rent and the original rent, computed for the remaining lease term, along with incidental and consequential damages, less expenses saved due to the lessor’s default. Market rent is determined based on the place for tender or the place of arrival. If the lessee has accepted goods and given notification, the measure of damages for nonconforming tender, delivery, or other default by the lessor is determined in a reasonable manner, considering the loss resulting from the lessor’s default, along with incidental and consequential damages, less expenses saved. In cases of breach of warranty, the measure of damages is the present value of the difference between the value of the use of the goods accepted and the value if they had been as warranted for the lease term, along with incidental and consequential damages, less expenses saved due to the lessor’s default or breach of warranty.
Whom does it apply to?
Lessees and lessors involved in lease agreements for goods
What does it govern?
Lessees' damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods
What are exemptions?
Damages liquidated in the lease agreement or otherwise determined pursuant to agreement of the parties
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota