Market is more than a physical location now defined as a system whereby buyers

Market is more than a physical location now defined

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Market is more than a physical location now defined as a system whereby buyers and sellers can be put in touch with each other where goods are fungibles 6. How should damages for breach of warranty be assessed? Does the dilemma between
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Formula = damages are the prima facie the difference between value of non-conforming goods at time of delivery and the value the goods would have had, if they were conforming so difference between value of conforming goods minus non-conforming goodsRationale for formula = mitigation if I receive non-conforming goods, I can sell them and buy conforming goods idea of hypothetical mitigation again Must not confuse notion of value of goods with market price value is broader than market price absence of market does not mean goods does not have value that said, in most cases value will be determined in reference to market price So formula is again abstract (detached from party’s circumstances) and so it may not provide parties with exact compensation rough justice Compare Slayter v Hoyle & Smith Ltd[1920] 2 KB 11 with Bence Graphics International Ltd v Fasson UK Ltd[1998] QB 87. Slayter v Hoyle & Smith Ltd[1920] -Sale of cotton cloth by seller to buyer buyer intended to resell cotton cloth to sub-buyer cloth was defective despite defect, buyer’s sub-buyer still accepted and paid for goods did complain but ultimately pressed no claim against buyer so buyer who received inferior product but resold it as planned at same price so could argue that the buyer has not suffered any loss -Despite that the buyer brought a claim against seller for the difference between value of conforming cotton cloth and non-conforming cotton cloth buyer was awarded damages despite fact, on face of it, buyer did not suffer any loss -Why was he awarded damages then? oThis is the presumptive approach English law does not provide precise compensation Scrutton LJ said that in this case admitted that buyer was receiving more than buyer suffered Bence Graphics International Ltd v Fasson UK Ltd[1998] -Sale of film from which the signs on containers are manufactured so the seller sold film to buyer and then buyer then manufactured those signs for its sub-buyer who would place those signs onto containers signs were supposed to be durable for around 5 years
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