nonbreaching sellers

_____ is the preferred remedy for nonbreaching sellers as it provides an easy means to determine damages in breach of sales contract by
buyers.

Suing to get benefit of the bargain

Revocation of contract

Resale of goods

Obtaining cover

15.
value:
2.22 points

When the buyer in a sales contract is in breach, sellers are allowed to sell the goods to another buyer or dispose of the goods under the
Uniform Commercial Code (UCC). Which of the following is true of the liability of the buyer under these circumstances?

UCC allows the seller to recover the difference between the resale price and the contract price, plus incidental damages and
minus expenses saved.

UCC allows the seller to claim the difference between the original contract price and the profits made through resale.

UCC allows the seller to recover the difference between the resale price and the contract price, minus the profits the seller
makes from the resale.

UCC allows the seller to recover only the incidental damages.

16.
value:
2.22 points

_____ occurs in certain situations where the contract between the original parties would be void but the goods have already
been sold to a third party.

Voidable title

Just title

Void title

Good title

17.
value:
2.22 points

According to the Uniform Commercial Code (UCC), which of the following is the remedy of last resort available to sellers and lessors in the
case of breach of sales contract by the buyer or lessee?

Claiming liquidated damages as per the contract

Withholding delivery of goods

Canceling the contract

Reselling the goods

18.
value:
2.22 points

A person who purchases stolen goods, knowingly or unknowingly, has _____ over the goods.

voidable deed

good title

void title

title deed

19.
value:
2.22 points

Under common law, _____ occurs when all the material elements of a contract are satisfied even if some nonmaterial requirements may not be
satisfied.

material breach

substantial impairment

substantial performance

perfect tender

20.
value:
2.22 points

Sections 2-601 and 2A-509 of the Uniform Commercial Code (UCC) indicate that if goods or tender of delivery fail in any respect to conform to
the contract, the buyer/lessee has the right to:

revoke the contract even if the industry expects such failures to be part of the dealings.

accept part and reject part of the goods.

accept the goods without payment.

claim damages for breach of contract even if the seller offers to cure the problems with the nonconforming goods.

21.
value:
2.22 points

According to the Section 2-725(1) of the Uniform Commercial Code (UCC), the time frame for a plaintiff to file suit once a cause of action
accrues in contracts involving the sale of goods is:

five years.

twelve months.

four years.

six months.

22.
value:
2.22 points

The perfect tender rule:

is usually substituted by the doctrine of substantial performance under the Uniform Commercial Code (UCC).

is interpreted both in light of what is expected in an industry and within the context of past dealings between the parties to
a contract.

recognizes the distinction between material and immaterial contractual requirements.

requires a lesser standard of contractual performance from sellers in comparison with the doctrine of substantial performance.

23.
value:
2.22 points

Sections 2-502 and 2a-522 under the Uniform Commercial Code (UCC) allows buyers and lessees to recover the goods identified in the
contract if the seller or lessor becomes insolvent:

immediately after a year from receiving the first payment due under the agreement.

15 days before receiving the first payment due under the agreement.

within 30 days after receiving the first payment due under the agreement.

within 10 days after receiving the first payment due under the agreement.

24.
value:
2.22 points

Identify the true statement about the transfer of title, risk of loss, and insurable interest in a simple delivery contract.

Insurable interest is created in the buyer after the goods are delivered to the buyer.

If the seller is a merchant, the risk of loss passes to the buyer under the rule of tender of delivery.

Title transfers to the buyer on the goods being identified to the contract, that is, when the contract is executed.

If the seller is not a merchant, the risk of loss remains with the seller until the goods are actually delivered to the
buyer.

25.
value:
2.22 points

When a change in government regulation that neither party to a contract of sale contemplated forbids the import or export of a particular item
the parties had agreed would be shipped, nonperformance is excused on the grounds of:

substantial impairment.

mistake of fact.

unconscionability.

commercial impracticability.

 

26.
value:
2.22 points