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The Option to Cover

In: Breach of Contract

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  • Oliver Hofmann

    (University of Hamburg)

Abstract

Imagine the seller and buyer agreed on a sales contract and there exists a market for the good that is subject to the contract. If it turns out that the seller’s costs have increased either one can purchase the good from another provider and thereby kill two birds with one stone; the seller does not need to incur her high costs of performance in order that the buyer receives the performance. It is important to stress that if the option to cover exists it generally does so for both parties. In the following, I compare the effect of the option to cover given that either the buyer can claim specific performance from the seller but not the difference in price or the seller can breach and pay expectation damages.

Suggested Citation

  • Oliver Hofmann, 2021. "The Option to Cover," International Law and Economics, in: Breach of Contract, chapter 0, pages 49-66, Springer.
    • Handle: RePEc:spr:intchp:978-3-030-62525-2_4
    DOI: 10.1007/978-3-030-62525-2_4
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