Final answer:
The statement is true, reflecting standard remedies available to sellers in sale of goods contracts when buyers repudiate or refuse to accept goods, including the difference between contract price and market or resale price, and potentially lost profits if these measures are insufficient.
Step-by-step explanation:
The statement that "the usual measure of the seller's damages is the difference between the contract price and the market price OR the difference between the contract price and the resale price of the particular goods, and if neither option is adequate, the seller may recover lost profits" is true.
In the context of sale of goods contracts, when a buyer repudiates or refuses to accept goods, the seller is entitled to remedies that aim to put them in as good of a position as they would have been had the buyer fulfilled their obligations under the contract. The primary measure of damages is indeed the difference between the contract price and either the market price at the time and place for delivery or the resale price, if the goods are resold.
However, if neither of these measures sufficiently compensates the seller for their loss, they may be able to recover lost profits, which can include both lost revenue and additional costs incurred as a result of the buyer's breach.