Also known as: marts · market
Written by attorneys — see sources below.
A place or system where buyers and sellers exchange goods or services. The concept supports specific personal jurisdiction when a manufacturer creates and exploits such a place or system in the forum state through advertising, dealerships, and parts supply, even if the injury-causing product was not designed, manufactured, or first sold there.
Meridian Motors advertised its vehicles statewide, operated three dealerships, and stocked replacement parts in the forum. A buyer injured by a defective brake purchased the car from an out-of-state dealer. The court held that Meridian's creation and exploitation of a market in the forum supported specific jurisdiction over the product-liability claim.
Monarch Pharmaceuticals contracted to supply a drug whose production required a specific reactor that both parties assumed would remain available. When the reactor was destroyed by fire, the court treated the reactor's continued existence as a basic assumption and discharged the duty.
After the landlord breached a covenant to repair, tenant Maya Malik terminated the lease and recovered the fair market value of the leasehold on the termination date as part of her damages award.
After Metro Bank wrongfully detained pledged securities whose value was ascertainable from established market prices, the court awarded the owner interest from the valuation date to judgment.
When Maxwell Manufacturing failed to deliver goods, buyer Michael Miller recovered the difference between the market price at the time he learned of the breach and the contract price, plus incidental damages.
Within three months after appointment, personal representative Monica Morgan filed an inventory listing each asset with reasonable detail and its fair market value as of the date of death.
No. Jurisdiction exists when the manufacturer has created and exploited a market in the forum through advertising, dealerships, and parts supply, and the claim relates to those contacts even if the particular product was not designed, manufactured, or first sold there.
Supporting sources
A supervening event discharges a duty only if its non-occurrence was a basic assumption on which both parties contracted. Ordinary market shifts or price changes do not satisfy this requirement.
Supporting sources
Damages may include the fair market value of the lease on the termination date, reasonable relocation costs, and loss from expenditures the landlord could have foreseen.
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…it appropriate to require the investor to study the ramifications of his decision. But a purchase of securities in the domestic market is an entirely different matter. One who purchases shares of stock on the open market can hardly be expected to know that he has thereby become subject to suit in a forum remote from his…