Oloffson v. Coomer

296 N.E.2d 871 (1973)

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Nature of the Case

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Facts

Oloffson (P) was a grain dealer and a merchant under the UCC. Coomer (D) was a farmer. D agreed to sell to P for delivery in October and December 40,000 bushels of corn. The price was $1.1275 per bushel on the first 20,000 and $1.1225 on the second delivery of 20,000. On June 3, D informed P that he would not plant corn because it was too wet. P told D to buy the corn elsewhere. During the ensuing months, D told P he could not deliver. P eventually covered and bought corn at prices that were substantially higher ($1.35 and $1.49 per 20,000 lot). The market price on June 3 was $1.16 per bushel. The trial court awarded P $1,500 damages based on the June 3rd price and not on his actual purchase price. P appealed.