Fandom

The IT Law Wiki

Adequate assurances

32,189pages on
this wiki
Add New Page
Talk2 Share

Ad blocker interference detected!


Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.

Uniform Commercial Code Edit

Section 2-609 of the Uniform Commercial Code provides, in pertinent part:

(1) A contract for sale imposes an obligation on each party that the other’s expectation of receiving due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurances of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return. * * *

(4) After receipt of a justified demand failure to provide within a reasonable time not exceeding thirty days such assurance of due performance as is adequate under the circumstances of the particular case is a repudiation of the contract.

After receipt of a "justified demand," failure to provide assurances within 30 days is a breach of contract.[1]

ReferencesEdit

  1. Cassidy Podell Lynch, Inc. v. SnyderGeneral Corp., 944 F.2d 1131, 1148 (2d Cir. 1991) (full-text).

Also on Fandom

Random Wiki