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Ch. 12: Remedies for Breach of Sales and Lease Contracts
Terms in this set (15)
tender of delivery
The obligation of the seller to transfer and deliver goods to the buyer in accordance with the sales contract.
Perfect Tender Rule
A rule that says if the goods or tender of a delivery fail in any respect to conform to the contract, the buyer may opt (1) to reject the whole shipment, (2) to accept the whole shipment, or (3) to reject part and accept part of the shipment.
an opportunity to repair or replace defective or nonconforming goods.
A contract that requires or authorizes the goods to be delivered and accepted in separate lots.
COD (cash on delivery)
Buyers must pay for the goods upon delivery without the right to inspect them first.
Revocation of Acceptance
where the buyer or lessee who has accepted goods subsequently withdraws that acceptance.
stop delivery of the goods
when a seller or lessor, upon learning of a buyer's or lessee's insolvency, stops goods from being delivered while they are in transit.
the right of a seller or lessor to demand the return of goods from the buyer or lessee under specified situations.
disposition of goods
a seller or lessor who is in possession of goods at the time the buyer or lessee breaches or repudiates the contract may in good faith resell, release, or otherwise dispose of the goods in a commercially reasonable manner and recover damages, including incidental damages, from the buyer or lessee.
recovery of the purchase price or rent
a seller or lessor may recover the contracted-for purchase price or rent from a buyer or lessee if the buyer of lessee fails to pay for accepted goods, breaches the contract and the seller or lessor cannot dispose of the goods, or if the goods are damaged or lost after the risk of loss passes to the buyer or lessee.
recovery of damages
a seller or lessor may recover damages measured as the difference between the contract price (or rent) and the market price (or rent) at the time and place the goods were to be delivered, plus incidental damages, from a buyer or lessee who repudiates the contract or wrongfully rejects the tendered goods.
recovery of lost profits
when the buyer breaches performance of the contract and the seller seeks damages for profits they would have received from the full performance of the contract.
the termination of a contract by a contracting party upon the material breach by the other party.
the process by which a buyer or lessee can recover goods when the seller or lessor becomes insolvent within 10 days of receiving the buyer's or lessee's first payment.
right to cover
when the buyer or lessee purchases or rents
THIS SET IS OFTEN IN FOLDERS WITH...
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OTHER SETS BY THIS CREATOR
Ch. 11: Performance of Sales and Lease Contracts
Ch. 10: Formation of Sales and Lease Contracts
Ch. 9: E-Contracts and Internet Law