Exam 18: Remedies for Breach of Sales and Lease Contracts

A seller who learns of the buyer's insolvency while the goods are in transit has a right to stop delivery of the goods in transit,regardless of the size of the shipment.

A seller's opportunity to repair or replace defective or nonconforming goods is termed as ________.

Under the exercise of the right to dispose of goods,any profit made on the resale of the goods reverts to the original lessee if the lessor disposes of the goods at a higher price than the lessee contracted to pay.

Exosoft Software contracts with Rensys Semiconductors to purchase electronic security sensors in bulk.Both companies draft a carrier contract which specifies that the shipment must be transferred in a single transaction to a specific port city where Exosoft's headquarters is located.The carrier contract in this scenario is an example of a(n)________.

The ________ is the right of a lessee to lease substitute goods if a lessor fails to make delivery of the goods or repudiates the contract.

If the goods are delivered in a credit sale and the seller then discovers that the buyer was insolvent,the seller has 10 days to demand that the goods be returned.

A lessor has the ________ if the lessee breaches the contract by repudiating all or any part of the contract.

The reversal of a buyer's acceptance is defined as revocation.

What is the similarity between the lessee's rights of capture and replevy?

A lessor,in his exercise of the right to stop goods in transit,is legally authorized to stop a shipment of any size if ________.

The buyer's right to repair defective or nonconforming goods is termed right to cure.

Which of the following is true of a buyer's revocation of acceptance?

Pollard entered into a sales contract to purchase a specific Picasso painting from Jenson for $15 million.When Pollard tenders payment,Jenson refuses to sell the painting to the buyer.Which of the following legal rights to remedy can Pollard exercise to retrieve the Picasso painting from Jenson?

Discuss the role of insolvency in contract law with respect to the rights of buyers and sellers.

Which of the following is true of a buyer's acceptance of a delivery?

Fractaline Analytics contracts with Lushwing Interiors to purchase office furniture.Both companies draft a carrier contract which specifies that the shipment must be transferred in a single transaction to Fractaline Analytics.While not mentioning the exact place of delivery,the contract requires Lushwing Interiors to put the goods in a carrier's possession and ensure their proper and safe transportation.The carrier contract in this scenario is most likely to be an example of a(n)________.

Which of the following is a lessor's remedy when the goods involved are in the possession of the lessee?

The right of a seller to refuse to send goods to a buyer upon breach of a sales contract by the buyer or the insolvency of the buyer is known as the ________.

Which of the following applies to the right to dispose of goods?

A seller has the right to stop delivery of goods in transit regardless of the size of the shipment when ________.