JRM Hauling & Recycling Services, Inc. (JRM), and defendant, The Newark Group, Inc. (Newark), agreed to purchase
Question:
JRM Hauling & Recycling Services, Inc. (“JRM”), and defendant, The Newark Group, Inc. (“Newark”), agreed to purchase and JRM agreed to sell “all secondary fiber produced by [JRM] at” JRM’s location in Malden, Massachusetts (the “Agreement”). JRM claims that Newark wrongfully terminated the Agreement in January 2015. By its terms, the Agreement was to run for ten years from its execution on November 1 2006 to October 31, 2016. Newark argues that impossibility to perform the contract arose in that performance would result in a $1.5 million dollar loss. Is this claim, if proven, a justifiable reason to anticipatorily repudiate the contract?
Step by Step Answer:
Dynamic Business Law The Essentials
ISBN: 9781260253382
5th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs