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1.
(p. 531)
The UCC adopts several common law principles.
2.
(p. 531)
Contract actions are created to enforce the intentions of the parties to the agreement,
while tort law is primarily designed to vindicate social policy.
3.
(p. 532)
The UCC does not allow a seller to cancel a contract if the buyer is in breach.
4.
(p. 533)
A seller or lessor is allowed to sell goods to another buyer when the original buyer is in
breach and the goods have not yet been delivered.
5.
(p. 534)
Liquidated damages are identified after a contract breach occurs.
6.
(p. 534)
In transit means that the seller or lessor has delivered the goods to a carrier or bailee, but
the carrier or bailee has not yet turned them over to the buyer.
7.
(p. 535)
The term "cover" refers to buyers or lessees substituting goods for those due under a
sales or lease agreement.
8.
(p. 537)
Specific performance usually requires that the seller or lessor cover.
9.
(p. 542)
The case of
Hill v. Gateway
, discussed in the text, ruled that in order to be effective, a
contract must be verbally read to a consumer who purchases a computer over the telephone.
10.
(p. 539)
If a buyer accepts nonconforming goods, the buyer may not also seek damages.
11.
(p. 533)
Which of the following was the result on appeal in
Detroit Radiant Products Company v.
BSH Home Appliances Corporation
, the case in the text in which the plaintiff, a seller of gas-fired
infrared heaters, sought to recover lost profits based on the defendants breach of contract?
12.
(p. 535)
Which of the following is true regarding the availability of liquidated damages in China?
13.
(p. 531)
Which of the following is true regarding how the obligations of sellers/lessors and
buyers/lessees are determined?
14.
(p. 531)
What is the basic premise of contract law?
15.
(p. 535)
What type of remedy does the UCC give buyers and lessees when the other party has
breached a contract?
16.
(p. 532-533)
Which of the following is true regarding remedies available to the seller without
court action if the buyer fails to pay according to the terms of the agreement?
17.
(p. 533)
Which of the following damages, if any, may a seller receive who sells goods to another
buyer when the original buyer is in breach?
18.
(p. 533-534)
Which of the following is true regarding the right of a lessor to seek incidental
damages in the event of a breach by a lessee of goods?
19.
(p. 534)
Which of the following are damages identified before the breach occurs?
20.
(p. 534)
Which of the following is true regarding a liquidated damages provision?
21.
(p. 534)
What does the UCC provide regarding liquidated damages if the parties do not agree to
them?
22.
(p. 534)
What does the UCC provide regarding the availability of punitive damages?
23.
(p. 538-539)
Which of the following was the result in
Almetals
Inc., v. Wickeder Westfalenstahl,
GMBH
, the case in the text involving the sale of a specialty metal in which the plaintiff sued the
defendant for breach of contract seeking specific performance?
24.
(p. 534-535)
Assuming a buyer that is insolvent has breached a contract by not paying for
goods that are in transit, which of the following may occur?
25.
(p. 534-535)
Assuming a buyer that is solvent has breached a contract by not paying for goods
that are in transit, which of the following may occur?
26.
(p. 535)
Under UCC 2-702(2), under which of the following circumstances may a seller reclaim
goods when a buyer is in possession of goods and is in breach?
