v

1. In commercial law, to buy, or the purchase of, goods on the open market that are similar to those that a seller of such goods had promised, but failed, to deliver. Under the Uniform Commercial Code, the buyer is entitled from the seller the difference between the cost of the substituted goods and the original contract price if the buyer acted in good faith and without unreasonable delay when obtaining the substituted goods.
2. In insurance law, to currently protect a particular person against loss or to currently protect someone or something against a particular risk.