Question 1

A seller may withhold delivery when a buyer is insolvent.

Accepted Answer

According to the Uniform Commercial Code (UCC), a seller has the right to withhold delivery if the buyer is insolvent at the time of delivery.

Question 2

A lawsuit for damages can be a suit for the contract price.

Accepted Answer

If one party fails to perform their contractual obligations, the other party can bring a lawsuit for damages, which may include the contract price.

Question 3

Cover is a remedy available to a seller.

Accepted Answer

Cover is a remedy available to a buyer when a seller fails to deliver goods as contracted, allowing the buyer to purchase substitute goods and potentially recover the difference in cost from the seller.

Question 4

The code sets out a provision for notification to a party because of impracticability.

Accepted Answer

The code sets out a provision for notification to a party in the event of impracticability as per the doctrine of frustration.

Question 5

The only remedy a seller has against a buyer is to withhold delivery.

Accepted Answer

This statement is false. A seller has several remedies against a buyer for breach of contract, which may include legal action for damages, termination of the contract, or specific performance (a court order to complete the transaction as agreed). Withholding delivery is just one possible remedy.

Question 6

Equitable remedies for a buyer include which of the following?&#10;A)Specific performance&#10;B)Resell goods&#10;C)Replevin&#10;D)Both a and b

Accepted Answer

Specific performance is an equitable remedy that requires a seller to fulfill their contractual obligations by delivering the goods specified in the contract. Reselling goods is another equitable remedy that allows a buyer to recover damages if the seller breaches the contract. Replevin is a remedy that allows a buyer to recover possession of goods wrongfully taken from them. Therefore, both specific performance and reselling goods are equitable remedies available to a buyer.

Question 7

Upon a buyer's breach, a seller may do which of the following?&#10;A)Retain the goods&#10;B)Cancel the contract&#10;C)All of the above&#10;D)None of the above

Accepted Answer

Upon a buyer's breach, a seller may choose to retain the goods as well as cancel the contract. Therefore, both options in choice A and B are correct, making choice C the best answer.

Question 8

An agreed damage sum by the parties is &#8203;&#10;A)exculpatory&#10;B)repudiated&#10;C)liquidated&#10;D)unconscionable

Accepted Answer

An agreed damage sum by the parties is called a liquidated damages clause. This is a provision in a contract that specifies the amount of money that a party will pay if they breach the contract. It is designed to compensate the non-breaching party for the damages they suffer as a result of the breach, and is considered enforceable if it is a reasonable estimate of the actual damages that would occur in the event of a breach.

Question 9

In exercising his or her rights, a buyer may do which of the following?&#10;A)Revoke an acceptance&#10;B)Cancel&#10;C)All of the above&#10;D)None of the above

Accepted Answer

A buyer has the right to revoke an acceptance or cancel a purchase if the product is faulty or does not meet the agreed-upon terms. Therefore, both options are valid choices.

Question 10

Impracticability is an excuse for which of the following?&#10;A)Delay&#10;B)Nonperformance&#10;C)All of the above&#10;D)None of the above

Accepted Answer

Impracticability is a legal concept that can excuse parties from performing their obligations under a contract when unforeseen events make performance impractical or extremely difficult. This can apply to both delay and nonperformance, as both situations can arise from circumstances that make contractual obligations impracticable to fulfill.

Question 11

An anticipatory repudiation may never be retracted.

Accepted Answer

The answer of An anticipatory repudiation may never be retracted....

Question 12

A buyer can never sue for damages for a breach of a sales contract.

Accepted Answer

The answer of A buyer can never sue for damages...

Question 13

Replevin is an equitable remedy available to a buyer.

Accepted Answer

The answer of Replevin is an equitable remedy available to...

Question 14

The statute of limitations for a breach of sales contract is&#10;A)three years&#10;B)four years&#10;C)two years&#10;D)one year

Accepted Answer

The answer of The statute of limitations for a breach...

Question 15

A seller may resell goods as a remedy against a buyer who intends to breach.

Accepted Answer

The answer of A seller may resell goods as a...

Question 16

Contractual remedies are&#10;A)consequential&#10;B)liquidated&#10;C)all of the above&#10;D)none of the above

Accepted Answer

The answer of Contractual remedies are&#10;A)consequential&#10;B)liquidated&#10;C)all of the above&#10;D)none of...

Question 17

A demand for adequate assurances should not exceed ____ days.&#10;A)ten&#10;B)twenty&#10;C)thirty&#10;D)forty

Accepted Answer

The answer of A demand for adequate assurances should not...

Question 18

Which of the following is a seller's remedy against a buyer for a breach?&#10;A)Withhold delivery of goods&#10;B)Stop goods in transit&#10;C)Suit for damages&#10;D)All of the above

Accepted Answer

The answer of Which of the following is a seller's...

Question 19

A party's indirect or direct intention not to perform is&#10;A)repudiation&#10;B)unconscionable&#10;C)impracticable&#10;D)impossibility

Accepted Answer

The answer of A party's indirect or direct intention not...

Question 20

A buyer can revoke an acceptance if there is substantial impairment of the value of the goods.

Accepted Answer

The answer of A buyer can revoke an acceptance if...

Question 21

Match between columns&#10;                        Premises: Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Method of withholding delivery for seller.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Buyer's equitable remedy to order seller to turn over goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Method for regaining possession of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Buyer's remedy for substitution of goods.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Agreed to damage.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Suit for actual losses.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Seller's remedy to recoup damages from buyer's breach.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Impossibility of performance by a party.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.&#10;Notification to void a sales contract.

Accepted Answer

The Answer of reclamation and resale of goods and damages is...

Deck 15: Seller and Buyer Remedies