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Missouri Furnace Co. v. Cochran | 8 F. 463 (1881)

When awarding damages, courts attempt to place the injured party in the position it would’ve been in had the contract been performed. Commonly, this amount is the difference between the contract price and market value. But what if the injured party secures substitute performance? In that case, should damages be the difference between the original contract price and the market value or the price of the replacement contract? In Missouri Furnace Company versus Cochran, the court smoked out the answer to this burning question.

Missouri Furnace Company contracted with John Cochran for the delivery of approximately 36,000 tons of coal at the price of a $1.20 per ton. Cochran agreed to deliver the coal in installments of 13 tons per day. After delivering 3,700 tons of coal, Cochran notified Missouri Furnace that he was rescinding the contract and didn’t deliver any more coal.

Subsequently, Missouri Furnace entered a similar installment contract with Hutchinson for 29,000 tons of coal. However, the price on this contract was $4 per ton, as this was the prevailing market price for such a forward contract at the time.

Shortly after the Hutchinson contract was executed, the market price of coal fell.

Missouri Furnace brought suit against Cochran to recover its losses, seeking the difference between the price of the Cochran contract and the price it agreed to pay Hutchinson.

The court found that Cochran had breached the contract but only awarded Missouri Furnace the difference between the Cochran contract price and the market price of coal at the time the deliveries should’ve been made. Missouri Furnace moved for a new trial. The court considered the motion.

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