California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 1 — Relief, Title 2 — Compensatory Relief, Chapter 2 — Measure of Damages, Article 4 — General Provisions, Section 3354
In estimating damages, except as provided by Sections 3355 and 3356, the value of property, to a buyer or owner thereof, deprived of its possession, is deemed to be the price at which he might have bought an equivalent thing in the market nearest to the place where the property ought to have been put into his possession, and at such time after the breach of duty upon which his right to damages is founded as would suffice, with reasonable diligence, for him to make such a purchase.
Notes
Sets property value for damage estimation, except as provided by the referenced provisions, as the price at which the deprived buyer or owner could buy an equivalent thing in the nearest market. The relevant time is after the breach when reasonable diligence would have allowed the buyer or owner to make that purchase.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 3354 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-1/title-2/chapter-2/article-4/section-3354