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UCC Breach and Remedies Flashcards | StudBud
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UCC Breach and Remedies
UCC Breach and Remedies
20 terms
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Review of terms and concepts from UCC Article 2 regarding breach of contract and available remedies
Flashcards
20 cards
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Questions
20
Answers
1
A seller may stop an entire delivery to a buyer if the buyer breached and
The goods were in a warehouse
The goods were at least a carload
The goods were identified in the contract
The goods were nonconforming
2
When a party clearly communicates to the other party an intention not to perform it is called
Revocation of Acceptance
Partial Performance
Anticipatory Breach
Warranty
3
The sellers right to repair, adjust or replace defective or nonconforming goods is called
Perfect Tender
Reconciliation
Partial Performance
Cure
4
The seller is always allowed to stop goods in transit if the buyer is
In breach
Insufficient
Insolvent
In anticipatory breach
5
If seller provides unreasonable transportation in a shipment contract the buyer can reject
If goods are still conforming
If buyer approved transportation
If there is a material loss
If seller admits to unreasonableness
6
To breach an entire installment contract the nonconforming installment must
Impair the value of the entire contract
Impair the value of the installment
All of the above
Impair the value of the nonconforming goods
7
If the seller becomes insolvent the buyer has the right to
Stop transit of goods
Sell the goods to someone else
Make false statements about the seller
Obtain the goods already paid for
8
If the contract is silent on delivery, the UCC allows for seller to deliver goods to
Buyer's place of business
Seller's place of business
All of the above
Buyer's residence
9
A nonbreaching party in the UCC must elect only one remedy to obtain from the breaching party.
False
True
10
One of the four factors that must be present for the seller to have a right to cure is
The buyer notified the seller of the intent to cure
The cure can be made within the time for performance
The goods are unique
The goods are conforming
11
When seller delivers goods that conform to the terms of the contract in every detail it is
Perfect Tender
Incomplete Performance
Nonconformance
Stipulated Damages
12
A seller's tender of conforming goods must be made
All of the above
In a reasonable manner
Available for a reasonable time
At a reasonable hour
13
A seller stop performance without liability and sue for breach if the other party fails to
Purchase a Letter of Credit
Tender Delivery
Identify Goods
Cooperate
14
Goods that conform to the contract description in every way are called
Conforming Goods
Complying Goods
Reasonable Goods
Performance Goods
15
A seller may finish an unfinished good and sell it to someone else if the buyer breaches
True
False
16
A buyer's right to obtain substitute goods when the seller breaches is called
Anticipatory Breach
Replevin
Cover
Cure
17
Contract term that requires seller to ship goods by a carrier
Shipment Contract
Destination Contract
Output Contract
Fulfillment Contract
18
To excuse performance under commercial impracticality, the occurrence must
Be necessary to the contract
Be caused by inflation of prices
Cause a change in value
Be unforeseen by either party
19
An action to recover identified goods in the hands of a party with no lawful claim is called
Replevin
Specific Performance
Right to Cover
Transfer of Rights
20
The UCC imposes a duty on all parties to perform or enforce a contract in
Practical Terms
Good Faith
Best Interest of Party
Competition
