Question 1

Match each statement with the correct term below.
-lease

Accepted Answer

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) Contractual obligation arising by operation of law providing the goods are reasonably fit for the ordinary purposes for which they are used. 
D) Transfer of possession without title to buyer for a trial period; title and risk of loss remain with seller until buyer 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 in return for consideration.
G)Transfer of title to goods from seller to buyer for a price.
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)Movable personal property.
L)Concept under which the Code excuses performance when an unforeseen supervening event, not within the contemplation of the parties at the time of contracting, occurs.
M)Limits the time period for which a manufacturer is liable for injury caused by its 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; the seller bears the risk of loss until the goods are tendered to the buyer.
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. 
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) Contractual obligation arising by operation of law providing the goods are reasonably fit for the ordinary purposes for which they are used. 
D) Transfer of possession without title to buyer for a trial period; title and risk of loss remain with seller until buyer 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 in return for consideration.
G)Transfer of title to goods from seller to buyer for a price.
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)Movable personal property.
L)Concept under which the Code excuses performance when an unforeseen supervening event, not within the contemplation of the parties at the time of contracting, occurs.
M)Limits the time period for which a manufacturer is liable for injury caused by its 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; the seller bears the risk of loss until the goods are tendered to the buyer.
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.

Question 2

Match each statement with the correct term below.
-sale on approval

Accepted Answer

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) Contractual obligation arising by operation of law providing the goods are reasonably fit for the ordinary purposes for which they are used. 
D) Transfer of possession without title to buyer for a trial period; title and risk of loss remain with seller until buyer 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 in return for consideration.
G)Transfer of title to goods from seller to buyer for a price.
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)Movable personal property.
L)Concept under which the Code excuses performance when an unforeseen supervening event, not within the contemplation of the parties at the time of contracting, occurs.
M)Limits the time period for which a manufacturer is liable for injury caused by its 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; the seller bears the risk of loss until the goods are tendered to the buyer.
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. 
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) Contractual obligation arising by operation of law providing the goods are reasonably fit for the ordinary purposes for which they are used. 
D) Transfer of possession without title to buyer for a trial period; title and risk of loss remain with seller until buyer 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 in return for consideration.
G)Transfer of title to goods from seller to buyer for a price.
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)Movable personal property.
L)Concept under which the Code excuses performance when an unforeseen supervening event, not within the contemplation of the parties at the time of contracting, occurs.
M)Limits the time period for which a manufacturer is liable for injury caused by its 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; the seller bears the risk of loss until the goods are tendered to the buyer.
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.

Question 3

Match each statement with the correct term below.
-cover

Accepted Answer

A) Unfairness in the bargaining process. 
B) An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff. 
C) An amount specified by the parties that is recoverable in the event of a breach. 
D) A seller makes available to a buyer goods conforming to the contract and so notifies the buyer. 
E) The inability of a person to pay his debts in the ordinary course of business or as they become due.
F)Total liabilities exceeding the total value of all assets.
G)Commercially reasonable expenses directly resulting from a breach.
H)Expenses resulting from the buyer's requirements and which the seller had reason to know at the time of contracting; also injury to person or property proximately resulting from breach of warranty.
I)A buyer's purchase of goods in substitution for those not delivered by a breaching seller.
J)Oppressive or grossly unfair contractual provisions.
K)The Code rule that a seller's tender of performance must exactly conform to the contract terms.
L)The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.
M)The manifestation by a buyer of unwillingness to become the owner of the goods.
N)Rescission of a buyer's acceptance of the goods based upon a nonconformity which substantially impairs their value. 
A) Unfairness in the bargaining process. 
B) An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff. 
C) An amount specified by the parties that is recoverable in the event of a breach. 
D) A seller makes available to a buyer goods conforming to the contract and so notifies the buyer. 
E) The inability of a person to pay his debts in the ordinary course of business or as they become due.
F)Total liabilities exceeding the total value of all assets.
G)Commercially reasonable expenses directly resulting from a breach.
H)Expenses resulting from the buyer's requirements and which the seller had reason to know at the time of contracting; also injury to person or property proximately resulting from breach of warranty.
I)A buyer's purchase of goods in substitution for those not delivered by a breaching seller.
J)Oppressive or grossly unfair contractual provisions.
K)The Code rule that a seller's tender of performance must exactly conform to the contract terms.
L)The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.
M)The manifestation by a buyer of unwillingness to become the owner of the goods.
N)Rescission of a buyer's acceptance of the goods based upon a nonconformity which substantially impairs their value.

Question 4

Match each statement with the correct term below.
-substantive unconscionability

Accepted Answer

A) Unfairness in the bargaining process. 
B) An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff. 
C) An amount specified by the parties that is recoverable in the event of a breach. 
D) A seller makes available to a buyer goods conforming to the contract and so notifies the buyer. 
E) The inability of a person to pay his debts in the ordinary course of business or as they become due.
F)Total liabilities exceeding the total value of all assets.
G)Commercially reasonable expenses directly resulting from a breach.
H)Expenses resulting from the buyer's requirements and which the seller had reason to know at the time of contracting; also injury to person or property proximately resulting from breach of warranty.
I)A buyer's purchase of goods in substitution for those not delivered by a breaching seller.
J)Oppressive or grossly unfair contractual provisions.
K)The Code rule that a seller's tender of performance must exactly conform to the contract terms.
L)The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.
M)The manifestation by a buyer of unwillingness to become the owner of the goods.
N)Rescission of a buyer's acceptance of the goods based upon a nonconformity which substantially impairs their value. 
A) Unfairness in the bargaining process. 
B) An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff. 
C) An amount specified by the parties that is recoverable in the event of a breach. 
D) A seller makes available to a buyer goods conforming to the contract and so notifies the buyer. 
E) The inability of a person to pay his debts in the ordinary course of business or as they become due.
F)Total liabilities exceeding the total value of all assets.
G)Commercially reasonable expenses directly resulting from a breach.
H)Expenses resulting from the buyer's requirements and which the seller had reason to know at the time of contracting; also injury to person or property proximately resulting from breach of warranty.
I)A buyer's purchase of goods in substitution for those not delivered by a breaching seller.
J)Oppressive or grossly unfair contractual provisions.
K)The Code rule that a seller's tender of performance must exactly conform to the contract terms.
L)The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.
M)The manifestation by a buyer of unwillingness to become the owner of the goods.
N)Rescission of a buyer's acceptance of the goods based upon a nonconformity which substantially impairs their value.

Question 5

A seller's incidental damages for a buyer's breach would include all but which one of the following?

Accepted Answer

A) Cost to store the widgets in buyer's city after breach. 
B) Cost to ship widgets back to seller. 
C) Cost to initially ship the widgets to buyer. 
D) Cost to reload widgets onto seller's truck at buyer's city. 
A) Cost to store the widgets in buyer's city after breach. 
B) Cost to ship widgets back to seller. 
C) Cost to initially ship the widgets to buyer. 
D) Cost to reload widgets onto seller's truck at buyer's city.

Question 6

Match each statement with the correct term below.
-tender of delivery

Accepted Answer

A) Unfairness in the bargaining process. 
B) An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff. 
C) An amount specified by the parties that is recoverable in the event of a breach. 
D) A seller makes available to a buyer goods conforming to the contract and so notifies the buyer. 
E) The inability of a person to pay his debts in the ordinary course of business or as they become due.
F)Total liabilities exceeding the total value of all assets.
G)Commercially reasonable expenses directly resulting from a breach.
H)Expenses resulting from the buyer's requirements and which the seller had reason to know at the time of contracting; also injury to person or property proximately resulting from breach of warranty.
I)A buyer's purchase of goods in substitution for those not delivered by a breaching seller.
J)Oppressive or grossly unfair contractual provisions.
K)The Code rule that a seller's tender of performance must exactly conform to the contract terms.
L)The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.
M)The manifestation by a buyer of unwillingness to become the owner of the goods.
N)Rescission of a buyer's acceptance of the goods based upon a nonconformity which substantially impairs their value. 
A) Unfairness in the bargaining process. 
B) An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff. 
C) An amount specified by the parties that is recoverable in the event of a breach. 
D) A seller makes available to a buyer goods conforming to the contract and so notifies the buyer. 
E) The inability of a person to pay his debts in the ordinary course of business or as they become due.
F)Total liabilities exceeding the total value of all assets.
G)Commercially reasonable expenses directly resulting from a breach.
H)Expenses resulting from the buyer's requirements and which the seller had reason to know at the time of contracting; also injury to person or property proximately resulting from breach of warranty.
I)A buyer's purchase of goods in substitution for those not delivered by a breaching seller.
J)Oppressive or grossly unfair contractual provisions.
K)The Code rule that a seller's tender of performance must exactly conform to the contract terms.
L)The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.
M)The manifestation by a buyer of unwillingness to become the owner of the goods.
N)Rescission of a buyer's acceptance of the goods based upon a nonconformity which substantially impairs their value.

Question 7

The recovery for a lessee's wrongful repudiation of a lease is the difference between the present values of the old rent due under the original lease and the market rent.

Accepted Answer

A) True 
 B)False

Exam 23: Sales Remedies

Match each statement with the correct term below. -lease

Match each statement with the correct term below. -sale on approval

Match each statement with the correct term below. -cover

Match each statement with the correct term below. -substantive unconscionability

A seller's incidental damages for a buyer's breach would include all but which one of the following?

Match each statement with the correct term below. -tender of delivery

The recovery for a lessee's wrongful repudiation of a lease is the difference between the present values of the old rent due under the original lease and the market rent.

Introduction to Law

Business Ethics

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

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

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 Wills

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