Which of the following statements is true concerning cancellation of a contract?
A)Cancelling a contract is a seller's only remedy if a buyer or lessee is in breach.
B)No notice is required to cancel a contract.
C)Canceling a contract is a remedy of last resort from the UCC"s perspective.
D)Cancelling a contract is never permitted under the UCC.
E)If a seller cancels a contract,he may not pursue any other remedies available under the UCC.

Question

Quizplus · Accepted Answer

A)UCC Sections 2-703f)and 2A-5231)a)allow a seller or lessor to cancel the contract if the buyer or lessee is in breach.The UCC requires that sellers/lessors notify buyers/lessees of the cancellation.Then the seller pursues remedies available under the UCC.However,cancelling the contract is the remedy of last resort from the UCC's perspective.
B)UCC Sections 2-703f)and 2A-5231)a)allow a seller or lessor to cancel the contract if the buyer or lessee is in breach.The UCC requires that sellers/lessors notify buyers/lessees of the cancellation.Then the seller pursues remedies available under the UCC.However,cancelling the contract is the remedy of last resort from the UCC's perspective.
C)UCC Sections 2-703f)and 2A-5231)a)allow a seller or lessor to cancel the contract if the buyer or lessee is in breach.The UCC requires that sellers/lessors notify buyers/lessees of the cancellation.Then the seller pursues remedies available under the UCC.However,cancelling the contract is the remedy of last resort from the UCC's perspective.
D)UCC Sections 2-703f)and 2A-5231)a)allow a seller or lessor to cancel the contract if the buyer or lessee is in breach.The UCC requires that sellers/lessors notify buyers/lessees of the cancellation.Then the seller pursues remedies available under the UCC.However,cancelling the contract is the remedy of last resort from the UCC's perspective.
E)UCC Sections 2-703f)and 2A-5231)a)allow a seller or lessor to cancel the contract if the buyer or lessee is in breach.The UCC requires that sellers/lessors notify buyers/lessees of the cancellation.Then the seller pursues remedies available under the UCC.However,cancelling the contract is the remedy of last resort from the UCC's perspective.

Which of the Following Statements Is True Concerning Cancellation of a Contract