Quimbee logo
DMCA.com Protection Status

Tesoro Petroleum Corp. v. Holborn Oil Co., Ltd.

547 N.Y.S.2d 1012 (1989)

Case BriefRelatedOptions
From our private database of 33,600+ case briefs...

Tesoro Petroleum Corp. v. Holborn Oil Co., Ltd.

New York Supreme Court, New York County

547 N.Y.S.2d 1012 (1989)

Facts

Tesoro Petroleum Corp. (Tesoro) (plaintiff) agreed to sell 10 million gallons of gasoline to Holborn Oil Co., Ltd. (Holborn) (defendant). The contract price was $1.30 per gallon. The market price for gasoline fell to $0.80 per gallon, and Holborn refused to fulfill its contractual obligation to buy the gasoline at the $1.30 price, which is called repudiating the contract. In reaction to Holborn’s repudiation of the $1.30 contract, Tesoro sought out a new buyer for the same gasoline shipment. Tesoro resold the gasoline to Esso Sapa for $1.10 per gallon. Tesoro sued Holborn for breach of contract. Both parties moved for summary judgment on damages. Tesoro argued that damages should be the difference between the contract price and the market price, which was about $5 million. Holborn argued that damages should be the difference between the contract price and the resale price, which was about $2 million.

Rule of Law

Issue

Holding and Reasoning (Lehner, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 603,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 603,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 33,600 briefs, keyed to 984 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 603,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 33,600 briefs - keyed to 984 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership