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Session Laws, 1963
Volume 671, Page 830   View pdf image (33K)
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832                               LAWS OF MARYLAND                        [CH. 538

his suit or settlement is, subject to his own interest, as a fiduciary for
the other party to the contract;

(c) either party may with the consent of the other sue for the
benefit of whom it may concern.

2723. Proof of Market Price: Time and Place.

(1)  If an action based on anticipatory repudiation comes to trial
before the time for performance with respect to some or all of the
goods, any damages based on market price (Section 2
708 or Section
2
713) shall be determined according to the price of such goods
prevailing at the time when the aggrieved party learned of the
repudiation.

(2)  If evidence of a price prevailing at the times or places de-
scribed in this Sub-title is not readily available the price prevailing
within any reasonable time before or after the time described or at
any other place which in commercial judgment or under usage of
trade would serve as a reasonable substitute for the one described
may be used, making any proper allowance for the cost of transport-
ing the goods to or from such other place.

(3)  Evidence of a relevant price prevailing at a time or place
other than the one described in this Sub-title offered by one party
is not admissible unless and until he has given the other party such
notice as the court finds sufficient to prevent unfair surprise.

2724. Admissibility of Market Quotations.

Whenever the prevailing price or value of any goods regularly
bought and sold in any established commodity market is in issue,
reports in official publications or trade journals or in newspapers or
periodicals of general circulation published as the reports of such
market shall be admissible in evidence. The circumstances of the
preparation of such a report may be shown to affect its weight but
not its admissibility.

2725. Statute of Limitations in Contracts for Sale.

(1)  An action for breach of any contract for sale must be com-
menced within four years after the cause of action has accrued. By
the original agreement the parties may reduce the period of limita-
tion to not less than one year but may not extend it.

(2)  A cause of action accrues when the breach occurs, regardless
of the aggrieved party's lack of knowledge of the breach. A breach
of warranty occurs when tender of delivery is made, except that
where a warranty explicitly extends to future performance of the
goods and discovery of the breach must await the time of such per-
formance the cause of action accrues when the breach is or should
have been discovered.

(3)   Where an action commenced within the time limited by sub-
section (1) is so terminated as to leave available a remedy by another
action for the same breach such other action may be commenced after
the expiration of the time limited and within six months after the
termination of the first action unless the termination resulted from
voluntary discontinuance or from dismissal for failure or neglect
to prosecute.


 

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Session Laws, 1963
Volume 671, Page 830   View pdf image (33K)
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