Exam 22: Remedies for Breach of Sales Contracts

On May 1,S sells goods to B.B immediately resells the goods to C,who buys in good faith and pays cash.On May 2,S learns that B was insolvent when it accepted the goods.On May 3,S demands return of the goods from B.B says: "Sorry about that,but I sold them to C." Can S recover the goods from C?

Even if the buyer has misrepresented his solvency to the seller in writing within three months before the delivery of the goods,the 10-day limitation on the seller's right to reclaim the goods still applies.

Because all goods are replaceable,specific performance is not available under the UCC.

If a liquidated damages clause is unenforceable because a court deems it to be unconscionable,the injured party can still recover ________.

Even if a buyer breaches a contract,the seller is accountable to the buyer for any profit that the seller makes on a resale.

Which of the following is not one of the seller's remedies,once the buyer breaches a contract for the sale of goods?

The objective of the UCC in regards to remedies for contract breach is to punish the offending party.

Russ purchases a new television set from Trista's TVs.The television set carries a four-year express warranty.It was purchased on November 1,2002,and delivered on November 3,2002.On February 3,2007,after four years and three months of service,the set collapsed due to a defect covered by the warranty.Russ discovered this defect on November 5,2002,when he turned the television set on for the first time.When did the Code's statute of limitations begin to run?

The statute of limitation provision of the UCC holds that for contracts for the sale of goods (in the absence of contractual agreement to the contrary),the period of time within which a lawsuit must be commenced is:

Under the UCC,the parties to a contract can shorten the statute of limitations on a breach of contract but cannot extend it longer than four years.