Question 1

Jim makes a contract with Oleta to sell her a 1965 lava lamp,once owned by a famous artist.Jim later decides that he does not want to sell the lamp to Oleta.In this scenario,Oleta:

Accepted Answer

In this scenario, Oleta can compel Jim for specific performance. Sometimes the goods covered by a contract are unique and it is not possible for a buyer to obtain substitute goods. When this is the case, the buyer is entitled to specific performance of the contract. Specific performance means that the buyer can require the seller to give the buyer the goods covered by the contract.

Question 2

When goods are defective and the buyer provides the seller with notice,which of the following remedies is applicable?

Accepted Answer

If a buyer accepts defective goods and wants to hold the seller liable, the buyer must give the seller notice of the defect within a reasonable time after the buyer discovers the defect. The buyer is entitled to recover the difference between the value of the goods received and the value the goods would have had if they had been as warranted.

Question 3

On May 1,Fred agreed to sell and deliver 1,000 bushels of wheat to a baker for $7 per bushel.After the market price of wheat rose to $8 per bushel,Fred breached the contract by refusing to sell a bushel of wheat at $7.He demanded that the baker pay $8.50 per bushel of wheat.If the baker can get substitute wheat at the current market price,can he get specific performance? If not,what options are available to him if he seeks damages for breach of contract from Fred? What will he recover under each option?

Accepted Answer

The answer of On May 1,Fred agreed to sell and...

Question 4

If a buyer accepts defective goods and wants to hold the seller liable,the buyer must give the seller notice of the defect:

Accepted Answer

If a buyer accepts defective goods and wants to hold the seller liable, the buyer must give the seller notice of the defect within a reasonable time after the buyer discovers the defect.

Question 5

Under the Uniform Commercial Code,list three remedies available to a seller when a buyer breaches a contract.

Accepted Answer

The answer of Under the Uniform Commercial Code,list three remedies...

Question 6

If the seller refuses to deliver the goods called for by the contract,the buyer can:

Accepted Answer

If the seller fails or refuses to deliver the goods called for by the contract, the buyer has the option of recovering damages for the nondelivery. Thus, instead of covering, the buyer can get the difference between the contract price of the goods and their market price at the time the buyer learns of the seller's breach. In addition, the buyer may recover any incidental damages and consequential damages but must give the seller credit for any expenses saved.

Question 7

What are the most common ways in which a buyer may breach a contract?

Accepted Answer

The answer of What are the most common ways in...

Question 8

When the goods covered by a contract are unique and it is not possible for a buyer to obtain substitute goods,the buyer is entitled to _____ of the contract.

Accepted Answer

Sometimes the goods covered by a contract are unique and it is not possible for a buyer to obtain substitute goods. When this is the case, the buyer is entitled to specific performance of the contract. Specific performance means that the buyer can require the seller to give the buyer the goods covered by the contract.

Question 9

Bev ordered an alabaster-colored mink coat from Poe's Furs.The coat had been specially made because she required an unusually large size and had requested a particular styling.The coat cost was $5,500,of which Bev paid $250.Several months later,she decided that she did not want the coat and canceled the order even though Poe's Furs had completed the coat.Poe's Furs then filed a suit for the balance of the purchase price.What can Bev argue in defense?

Accepted Answer

The answer of Bev ordered an alabaster-colored mink coat from...

Question 10

Under the Uniform Commercial Code,list five remedies available to a buyer when the seller breaks a contract.

Accepted Answer

The answer of Under the Uniform Commercial Code,list five remedies...

Quiz 22: Remedies for Breach of Sales Contractspart Four Agency and Employment