Also known as:markets · marketing · marketplace · relevant market
Written by attorneys · grounded in primary & secondary sources — see below
2 senses
1
in personal jurisdiction
A geographic or economic area in which a seller purposefully directs advertising, maintains sales outlets, and supplies replacement parts, thereby creating contacts that support specific jurisdiction over claims relating to those activities even when the particular item at issue was not designed or first sold in the forum.
2
in valuation and remedies
The prevailing price or value of property, goods, or contract performance as determined by supply and demand at a specified time and place.
Each sense below has its own examples, sources, and questions.
Sense 1
1
in personal jurisdiction
A geographic or economic area in which a seller purposefully directs advertising, maintains sales outlets, and supplies replacement parts, thereby creating contacts that support specific jurisdiction over claims relating to those activities even when the particular item at issue was not designed or first sold in the forum.
Sources & Authorities· 1 primary source
Select any source to read its text and confirm it supports the definition.
Cases
Examples1
Manufacturer's Forum-State Advertising
Mustafa Mahmoud, a resident of State X, purchased a vehicle from a local dealer. The manufacturer had advertised extensively in State X, maintained multiple dealerships there, and supplied replacement parts to those dealers. When the vehicle malfunctioned and caused injury, Mahmoud sued in State X court. The manufacturer's contacts through its State X market activities supported specific jurisdiction even though the particular vehicle had been manufactured elsewhere.
Frequently Asked1
How does purposeful exploitation of a state market support personal jurisdiction?+
A defendant that advertises extensively, maintains dealerships, and supplies parts in the forum thereby creates contacts that support specific jurisdiction when the claim relates to those contacts, even if the particular product was not designed or first sold there.
Supporting sources
Sense 2
2
in valuation and remedies
The prevailing price or value of property, goods, or contract performance as determined by supply and demand at a specified time and place.
Sources & Authorities· 2 primary sources
Select any source to read its text and confirm it supports the definition.
Uniform Acts
Restatements
Examples5
Price Increase After Contract
Mirage Hotels contracted with Mercury Industries to purchase linens at a fixed price for delivery in six months. After execution, raw-material costs rose sharply because of ordinary market shifts. Mercury sought to avoid the contract on grounds of impracticability. The price increase alone did not satisfy the basic-assumption requirement, so the duty to perform remained in force.
Lease Termination Damages
Monica Morgan leased commercial space from Mosaic Retail. After the landlord breached a repair covenant, Morgan validly terminated the lease. Damages included the fair market value of the lease on the termination date, measured by what a willing buyer would pay a willing seller for the remaining term under current market conditions.
Interest on Chattel Damages
Marcus Mitchell's classic car was destroyed by a negligent driver. The car's value was readily ascertainable from established market prices at the date of loss. Mitchell recovered the market value plus interest running from that valuation date until judgment.
Frequently Asked5
When do ordinary market shifts excuse performance under impracticability doctrine?+
Market shifts or changes in the cost of performance are risks parties normally assume. They do not satisfy the basic-assumption requirement and therefore do not discharge the duty to perform.
Supporting sources
What measure of damages uses fair market value of a lease?+
When a tenant validly terminates after the landlord's breach, damages may include the fair market value of the lease on the termination date.
Momentum Capital agreed to sell computer servers to Melanie Morris at a set contract price. The seller repudiated before delivery. Morris recovered the difference between the market price at the time she learned of the breach and the contract price, plus incidental damages.
Estate Inventory Valuation
After Megan Moore's death, the appointed personal representative prepared the required inventory. Each listed asset was valued at its fair market value as of the date of death, with any encumbrances noted, and the inventory was mailed to interested persons within three months of appointment.
When is interest awarded on tort damages based on market prices?
+
Interest runs from the valuation date to judgment when damages are for the taking or destruction of property whose value can be ascertained from established market prices.
Supporting sources
How is a buyer's damages measured when the seller repudiates?+
Damages equal the difference between the market price at the time the buyer learned of the breach and the contract price, together with incidental and consequential damages less expenses saved.
Supporting sources
What valuation standard applies to estate inventory?+
Each listed item must be valued at its fair market value as of the date of the decedent's death, with any encumbrance noted.
Supporting sources
value of the properties as a whole. A unanimous Court held that this latter omission did not render the statute invalid. The Court held that the State might properly make “a choice between…
to satisfy minimal levels of human welfare. See West Coast Hotel Co. , supra , at 399. As Justice Jackson wrote of the constitutional crisis of 1937 shortly before he came on the bench:…
market
place thrive upon mystery and secrecy." H. R. Rep. No. 1383, 73d Cong., 2d Sess., 11 (1934). This Court…
" and "subject[ed] [ILECs] to a host of duties intended to facilitate
market
entry." AT&T Corp. v. Iowa Utilities Bd. , 525 U.S. 366 (1999). In recompense, the 1996 Act set conditions for…
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