(1) Except as otherwise provided with respect to damages liquidated in
the lease agreement (Section 2-A-504) or otherwise determined pursuant
to agreement of the parties (Section 1--302 and 2-A-503), if a lessee
elects not to cover or a lessee elects to cover and the cover is by
lease agreement, whether or not the lease agreement qualifies for
treatment under Section 2-A-518(2), or is by purchase or otherwise, the
measure of damages for non-delivery or repudiation by the lessor or for
rejection or revocation of acceptance by the lessee is the present
value, as of the date of the default, of the then market rent minus the
present value as of the same date of the original rent, computed for the
remaining lease term of the original lease agreement, together with
incidental and consequential damages, less expenses saved in consequence
of the lessor's default.
(2) Market rent is to be determined as of the place for tender or, in
cases of rejection after arrival or revocation of acceptance, as of the
place of arrival.
(3) Except as otherwise agreed, if the lessee has accepted goods and
given notification (Section 2-A-516(3)), the measure of damages for
non-conforming tender or delivery or other default by a lessor is the
loss resulting in the ordinary course of events from the lessor's
default as determined in any manner that is reasonable together with
incidental and consequential damages, less expenses saved in consequence
of the lessor's default.
(4) Except as otherwise agreed, the measure of damages for breach of
warranty is the present value at the time and place of acceptance of the
difference between the value of the use of the goods accepted and the
value if they had been as warranted for the lease term, unless special
circumstances show proximate damages of a different amount, together
with incidental and consequential damages, less expenses saved in
consequence of the lessor's default or breach of warranty.
Structure New York Laws
2-A-502 - Notice After Default.
2-A-503 - Modification or Impairment of Rights and Remedies.
2-A-504 - Liquidation of Damages.
2-A-506 - Statute of Limitations.
2-A-507 - Proof of Market Rent: Time and Place.
2-A-509 - Lessee's Rights on Improper Delivery: Rightful Rejection.
2-A-510 - Installment Lease Contracts: Rejection and Default.
2-A-511 - Merchant Lessee's Duties as to Rightfully Rejected Goods.
2-A-512 - Lessee's Duties as to Rightfully Rejected Goods.
2-A-513 - Cure by Lessor of Improper Tender or Delivery; Replacement.
2-A-514 - Waiver of Lessee's Objections.
2-A-515 - Acceptance of Goods.
2-A-517 - Revocation of Acceptance of Goods.
2-A-518 - Cover; Substitute Goods.
2-A-520 - Lessee's Incidental and Consequential Damages.
2-A-521 - Lessee's Right to Specific Performance or Replevin.
2-A-522 - Lessee's Right to Goods on Lessor's Insolvency.
2-A-524 - Lessor's Right to Identify Goods to Lease Contract.
2-A-525 - Lessor's Right to Possession of Goods.
2-A-526 - Lessor's Stoppage of Delivery in Transit or Otherwise.
2-A-527 - Lessor's Rights to Dispose of Goods.
2-A-528 - Lessor's Damages for Non-Acceptance, Failure to Pay, Repudiation, or Other Default.
2-A-529 - Lessor's Action for the Rent.
2-A-530 - Lessor's Incidental Damages.
2-A-531 - Standing to Sue Third Parties for Injury to Goods.