Delaware Code Title 3 Sec. 1611 – Grain contracts of sale, discount rates and weight rates
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(a) Subject to any contractual provision to the contrary and based upon whatever market the contracting parties agree to:
(1) The discount rates for foreign material and moisture content may not be higher than the discount rates that prevail on the day the contract is formed;
(2) The test weight rates may not be higher than the test weight rates that prevail on the day the contract is formed.
Terms Used In Delaware Code Title 3 Sec. 1611
- Contract: A legal written agreement that becomes binding when signed.
- Grain: means includes, but is not limited to, corn, wheat, rye, oats, barley, flaxseed, sorghum, soybeans, mixed grain and any other food grains, feed grains, hemp, and oilseeds which standards have been established in the United States Grain Standards Act, 7 U. See Delaware Code Title 3 Sec. 1601
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) This section applies to any contract for sale of grain entered into in this State provided the date of delivery is less than 1 year after the date the contract is formed.