Business Law Chapter 24

7 cards

This is remedies. This is breach. 


 
  
Created Oct 27, 2010
by
elittle

 

 
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1
Obligations of sellers/lessors and buyers/lessees are determined by what three things
 
1. terms the parties agree on2. custom3. rules of UCC
statute of limitation=4 years
2
Goal of contract remedies
 
to fulfill expectations and intentions of parties to agreement, give them the benefit of the...
3
Remedies available to sellers and lessors under UCC
 
1. Cancel the Contract (must notify buyer/lessee)2. Withhold Delivery 3....
4
Liquidated Damages
 
damages identified before the breach occurs
Parties are free to negotiate a liquidated damages...
5
Remedies available to Buyers and Lessees under the UCC
 
1. Cancel Contract2. Obtain Cover (subsititute goods for those due under the...
6
Elements necessary to obtain legal cover
 
Buyer must:1. Demonstrate good faith in obtaining the substitute goods2. Pay a reasonable amount...
7
Modification of/Limitation to Remedies Otherwise Provided by UCC
 
Parties to sales and lease contracts are allowed to modify/limit remedies
Courts uphold...

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