Business Law Chapter 24

This Is Remedies. This Is Breach.  
 
Created Oct 27, 2010
by elittle
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Side ASide B
Obligations of sellers/lessors and buyers/lessees are determined by what three things
1. terms the parties agree on2. custom3. rules of UCCstatute of limitation=4 years
Goal of contract remedies
to fulfill expectations and intentions of parties to agreement, give them the benefit of the...
Remedies available to sellers and lessors under UCC
1. Cancel the Contract (must notify buyer/lessee)2. Withhold Delivery 3....
Liquidated Damages
damages identified before the breach occursParties are free to negotiate a liquidated damages...
Remedies available to Buyers and Lessees under the UCC
1. Cancel Contract2. Obtain Cover (subsititute goods for those due under the...
Elements necessary to obtain legal cover
Buyer must:1. Demonstrate good faith in obtaining the substitute goods2. Pay a reasonable amount...
Modification of/Limitation to Remedies Otherwise Provided by UCC
Parties to sales and lease contracts are allowed to modify/limit remediesCourts uphold modifications/limitations...

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