Exam 18: Remedies for Breach of Sales and Lease Contracts

Failure of a party to perform an obligation in a sales or lease contract is known as ________.

Damages refer to costs that a lessor recovers from a lessee who repudiates a contract.

In the case of a shipment contract,delivery occurs when ________.

Define a lost volume seller with an example.

Which of the following is a legal recourse for sellers,under the UCC,in case of shipment of nonconforming or defective goods?

The ________ provides that an action for breach of any written or oral sales or lease contract must commence within four years after the cause of action accrues.

Damages that will be paid upon a breach of contract,but that are established in advance are defined as ________ damages.

A sales contract that requires the seller to send the goods to the buyer but not to a specifically named destination is defined as a(n)________ contract.

Elaborate on the lessor's right to cure with an example.

Which of the following constitutes an acceptance of goods by a buyer?

The lessor can exercise the ________ to claim damages that would have resulted from the full performance of a breached contract plus an allowance for reasonable overhead and incidental damages.

The right of a lessee to demand the return of goods from the lessor in the occurrence of the defaulting of the contract is the right to reclaim goods.

Arnault Automobiles contracts with Glennworth Machines to purchase car engines for their new line of sports cars.After the engines are delivered by Glennworth,Arnault pays its contractual partner with a check that bounces.Which of the following rights can Glennworth Machines exercise in order to recover its engines?

Which of the following is a seller's remedy?

If the lessor's tender of delivery fails to conform to a lease contract in any way,the lessee has the right to ________.

When goods are in the possession of the buyer,the right to stop goods in transit is a viable remedy for the seller.

The right to recover the goods from the insolvent seller is often referred to as capture.

The right to dispose of goods is the right of a lessor to stop delivery of goods in transit if he or she learns of the lessee's insolvency.

The obligation of a seller to transfer and deliver goods to the buyer in accordance with a sales contract is called tender of delivery.

The right to dispose of goods allows lessors to replevy goods.