Exam 23: Sales Remedies

Under the UCC, the aggrieved party must choose one remedy to ask for and forfeit the others.

Commercially reasonable charges for the care and custody of goods that a buyer has rejected are known as:

Under the CISG, avoidance of a contract cancels any provision for settlement of disputes.

MATCHING Part IV Matching Match each statement with the correct term below.a.A sequence of previous conduct between parties establishing a basis for interpreting their agreement.b.A practice or method of dealing regularly observed and followed in a place, vocation, or trade.c.The transfer of a major part of one's inventory not in the ordinary course of business.d.A contract in which the risk of loss remains with the seller until the buyer "approves" or accepts the goods.e.A contract in which the seller bears the risk of loss and expense until the goods are delivered to the carrier for shipment.f.Transfer of right to possession and use of goods for a term in return for consideration.g.A contract to hold open an offer.h.An offer in writing by a merchant that gives assurance it will be kept open for a period of time up to three months.i.A contract in which goods are sold and delivered to the buyer with an option to return them to the seller; the risk of loss is on the buyer until she returns the goods.j.Delivery term for a shipment contract, free on board.k.The obligation of the seller to convey the right to ownership without a lien.l.A doctrine determining who in the chain of distribution is liable for a breach of warranty.m.Limits the time period for which a manufacturer is liable for injury caused by its defective product.n.Historically, a contractual relationship between the plaintiff and the defendant that was necessary at common law to maintain a lawsuit.o.An affirmation of fact or promise about the goods or a description, including a sample of the goods, which becomes part of the basis of the bargain.p.A contract in which the seller is required to tender delivery of the goods at a particular destination; title passes to the buyer on tender of the goods at that destination.q.A negation of a warranty.r.Designation of specific goods as goods to which the contract of sale refers.s.A person who is a dealer in the goods, or who by his occupation holds himself out as having knowledge or skill peculiar to the goods or practices involved, or who employs an agent or broker whom he holds out as having such knowledge or skill.t.Honesty in fact in the conduct or transaction concerned. -statute of repose

The buyer's incidental damages resulting from the seller's breach include:

Where the seller fails to make delivery, the buyer can cancel the contract, but he must give the seller notice of his cancellation.

Which of the following is not a remedy available to an unpaid seller against the buyer?

Since the purpose of remedies under the Code is compensation, punitive damages are generally available.

A buyer's right to purchase, in good faith and without unreasonable delay, substituted goods from Seller B when Seller A breaches a sales contract is:

Under the Code, what rights do the parties have to affect the possible remedies available in the case of breach?

Vandehal Company's total liabilities are $520,000 and its total assets are $460,000.It falls within the bankruptcy meaning, but not the Code's definition, of insolvency.

Under the CISG, the seller may require the buyer to:

The remedy of identification of goods to the contract enables the seller to also exercise the remedy of resale of goods.

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

Damages a buyer may recover for loss resulting from the buyer's requirements and needs of which the seller had reason to know at the time of contracting and which could not reasonably be prevented by cover, are:

If the seller has failed to comply with Code requirements in making a resale of goods that were wrongfully rejected, a good faith purchaser at the resale takes the goods subject to rights of the original buyer.

MATCHING Part IV Matching Match each statement with the correct term below.a.A sequence of previous conduct between parties establishing a basis for interpreting their agreement.b.A practice or method of dealing regularly observed and followed in a place, vocation, or trade.c.The transfer of a major part of one's inventory not in the ordinary course of business.d.A contract in which the risk of loss remains with the seller until the buyer "approves" or accepts the goods.e.A contract in which the seller bears the risk of loss and expense until the goods are delivered to the carrier for shipment.f.Transfer of right to possession and use of goods for a term in return for consideration.g.A contract to hold open an offer.h.An offer in writing by a merchant that gives assurance it will be kept open for a period of time up to three months.i.A contract in which goods are sold and delivered to the buyer with an option to return them to the seller; the risk of loss is on the buyer until she returns the goods.j.Delivery term for a shipment contract, free on board.k.The obligation of the seller to convey the right to ownership without a lien.l.A doctrine determining who in the chain of distribution is liable for a breach of warranty.m.Limits the time period for which a manufacturer is liable for injury caused by its defective product.n.Historically, a contractual relationship between the plaintiff and the defendant that was necessary at common law to maintain a lawsuit.o.An affirmation of fact or promise about the goods or a description, including a sample of the goods, which becomes part of the basis of the bargain.p.A contract in which the seller is required to tender delivery of the goods at a particular destination; title passes to the buyer on tender of the goods at that destination.q.A negation of a warranty.r.Designation of specific goods as goods to which the contract of sale refers.s.A person who is a dealer in the goods, or who by his occupation holds himself out as having knowledge or skill peculiar to the goods or practices involved, or who employs an agent or broker whom he holds out as having such knowledge or skill.t.Honesty in fact in the conduct or transaction concerned. -disclaimer

A contractual remedy is optional unless the parties expressly agree that it is to be exclusive.

The Code permits the seller to recover the price plus incidental damages in which of the following situation(s)?

A contract between a seller and buyer may not: