Question 1

Upon the seller's breach, the buyer must protect himself by obtaining "cover" or he is barred from any other remedy under the Code.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is not a remedy of the buyer?

Accepted Answer

A) The buyer has the right of cover and to receive damages. 
B) The buyer may have the right to obtain specific performance. 
C) The buyer may have the right to recover incidental and consequential damages. 
D) All of these may be remedies of the buyer. 
A) The buyer has the right of cover and to receive damages. 
B) The buyer may have the right to obtain specific performance. 
C) The buyer may have the right to recover incidental and consequential damages. 
D) All of these may be remedies of the buyer.

Question 3

Which of the following would not be a remedy available to the seller on account of buyer's breach?

Accepted Answer

A) Stop delivery of the goods by the carrier 
B) Require the financially sound buyer to return the goods 
C) Recover the price 
D) Cancel the contract 
A) Stop delivery of the goods by the carrier 
B) Require the financially sound buyer to return the goods 
C) Recover the price 
D) Cancel the contract

Question 4

Under the CISG, the aggrieved party in a breach of contract has no duty to mitigate the loss.

Accepted Answer

A) True 
 B)False

Question 5

Specific performance is a remedy at law which seeks to compel the party in breach to perform the contract according to its terms.

Accepted Answer

A) True 
 B)False

Question 6

If a seller withholds delivery of goods to the buyer because of the buyer's failure to make timely payment, the seller may resell the goods and is accountable to the original buyer for any profit made on the resale.

Accepted Answer

A) True 
 B)False

Question 7

The contract between the buyer and the seller may expressly limit or exclude consequential damages so long as the contract is not unconscionable.

Accepted Answer

A) True 
 B)False

Question 8

The seller may resell the goods identified to a contract:

Accepted Answer

A) only at a public sale. 
B) only at a private sale. 
C) at a public or private sale. 
D) at a public sale only if notice is given to the buyer. 
A) only at a public sale. 
B) only at a private sale. 
C) at a public or private sale. 
D) at a public sale only if notice is given to the buyer.

Question 9

William rents a backhoe for six months from Hunter Leasing but fails to make timely payment of the rent.Hunter Leasing may recover:

Accepted Answer

A) only the backhoe itself. 
B) the difference between the present values of the rent due under the original lease and the market rent for the remainder of the term of the original lease. 
C) only the contract amount of rent. 
D) the market rent for the period of time covered by William's nonpayment. 
A) only the backhoe itself. 
B) the difference between the present values of the rent due under the original lease and the market rent for the remainder of the term of the original lease. 
C) only the contract amount of rent. 
D) the market rent for the period of time covered by William's nonpayment.

Question 10

Under Article 2A, a lessor retains title to the goods and therefore has the right to recover possession of them upon default by the lessee.

Accepted Answer

A) True 
 B)False

Exam 25: Sales Remedies

Upon the seller's breach, the buyer must protect himself by obtaining "cover" or he is barred from any other remedy under the Code.

Which of the following is not a remedy of the buyer?

Which of the following would not be a remedy available to the seller on account of buyer's breach?

Under the CISG, the aggrieved party in a breach of contract has no duty to mitigate the loss.

Specific performance is a remedy at law which seeks to compel the party in breach to perform the contract according to its terms.

If a seller withholds delivery of goods to the buyer because of the buyer's failure to make timely payment, the seller may resell the goods and is accountable to the original buyer for any profit made on the resale.

The contract between the buyer and the seller may expressly limit or exclude consequential damages so long as the contract is not unconscionable.

The seller may resell the goods identified to a contract:

William rents a backhoe for six months from Hunter Leasing but fails to make timely payment of the rent.Hunter Leasing may recover:

Under Article 2A, a lessor retains title to the goods and therefore has the right to recover possession of them upon default by the lessee.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature, Formation, and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

51: The Legal Environment Of Business

52: Contracts.

53: Agency.

54: Sales

55: Negotiable Instruments

56: Unincorporated Business Association

57: Corporations

58: Debtor and Creditor Relation

59: Regulation of Business

60: Property.

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