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Kubasek Quiz 23 & 24

Kubasek Dynamic Business Law Chpt 23& 24 quiz

QuestionAnswer
Under the Uniform Commercial Code (UCC), sellers and lessors are obligated to transfer and deliver __________ goods. Conforming
Good faith means __________ in fact. Honesty
(UCC) 2-503(1) and 2A-508(1) state that __________ of delivery requires that the seller/lessor have and hold conforming goods at the disposal of the buyer/lessee and give the buyer/lessee reasonable notification to enable him or her to take delivery. Tender
The Uniform Commercial Code (UCC) and the common law differ in terms of tender of delivery, with the UCC requiring __________, and the common law requiring the lesser standard of __________. Perfect tender; substantial performance
__________ refers to the history of dealings between the parties involved in the present contract. Course of performance
The seller's right to repair, adjust, or replace defective or non-conforming goods, as long as it gives prompt notice of the intent to cure and in fact cures within the contract time for performance, is known as the right to __________. Cure
Under the UCC, the buyer who has accepted goods may later revoke acceptance only if the buyer can show that the defects __________ impair the value of the goods. Substantially
Which rule/doctrine would be relevant if a change in government regulation that neither party contemplated forbids the import or export of a particular item the parties had agreed would be shipped? Commercial impracticability
Under the UCC, the seller can presume acceptance if the buyer fails to __________ the goods within a reasonable time. Reject
__________ is defined by the UCC as any practice that members of an industry expect to be part of their dealings. Usage of trade
Uniform Commercial Code (UCC) Sections 2-703(f) and 2A-523(1)(a) allow a seller or lessor to cancel the contract if the buyer or lessee is in __________. Breach
__________ damages are damages specified in the contract before the breach occurs. Liquidated
UCC Section 2-718 pertains to liquidated damages and allows the non-breaching seller to claim against a breaching buyer __________ percent of the purchase price or $__________, whichever is less, as liquidated damages. 20, 500
In obtaining "cover", the buyer must demonstrate all but which of the following? Purchase of substitute goods from a non-commercial seller
__________ damages include damages for lost profits, as long as such damages are not too __________. Consequential; speculative
The remedy of __________ performance usually requires that the seller or lessor deliver the particular goods identified in the contract. Specific
When the buyer/lessee is in breach of contract, the seller/lessor can exercise which of the following remedies? Cancel the contract Sue to recover the purchase price, lease payments due, or some other measure of damages that give the seller or lessor the benefit of the bargain Claim liquidated damages Stop delivery
When the seller/lessor is in breach, the buyer/lessee can: Cancel the contract Obtain cover Sue to recover damages
Courts uphold modifications or limitations to remedies unless the remedies fail in their __________. Essential purpose
Created by: tinafici