Chapter 27
About this set
Created by:
kbh90 on October 18, 2011
Subjects:
law of commercial transactions
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11 terms
Terms | Definitions |
|---|---|
 Article 2 of the UCC | Where do we find remedies for Breach of Sales Contracts? |
| No, other remedies are strict tort liability, fraud, or negligence | Is recovery limited to Article 2 stated recoveries? |
| UCC Statue of Limitations | Applied to actions brought for remedies on the breach of a sales contract. |
| Breach of Contract | When a party to the contract violates the terms of the agreement. There is a time limit of four years from the time the breach occurs. |
| Seller's Remedies | 1.) Seller can have goods on lien until paid for or tendered, 2.) stop delivery or retain goods, 3.) resale the goods, 4.) cancel contract, 4.) recover damages |
| The difference betweern the market price at the time and place of the tender of the goods and the contract price. If profit is made the seller keeps it. | How do we determine damages if the seller is reselling the goods? |
| Incidental Damages | Any commercially reasonable charges, expenses, or commissions incurred in recovering damages. |
| Consequential Damges | Damages the buyer experiences with respect to a third party as a result of the seller's breach. |
| Buyer's Remedies | 1.) rejection, 2.) revoke acceptance, 3.) if goods aren't delivered there is market price recovery (contract price minus market price when learning of the breach), 4.) if no delivery-cover (purchase substitute goods), 5.) breach of warranty |
| Specific Performance | A remedy available only to buyers in those circumstances in which the goods are specifically manufactured , unique, or rare, such as antiques or goods with sentimental value for the buyer. |
| Liquidated Damages | When the parties specify the exact amount of damages that may be recovered in case of breach. Enforceability is determined by comparing the amount of the liquidated damages specified with the anticipated or actual harm, the difficulties of proof of loss, and the availability of an otherwise adequate remedy. |
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