Business Law - Chapter 11

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Author:
chanthalyxay
ID:
251859
Filename:
Business Law - Chapter 11
Updated:
2013-12-09 21:51:57
Tags:
Business Law
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Description:
Chapter 11 - Sales and Lease Contracts
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  1. What are the obligations of the seller or lessor of a sales or lease contract
    • must tender goods to the buyer or leassee
    • cure any nonconforming goods prior to the performance date 
    • substitute an alternative means if the agreed-on means of delivery becomes impracticable or unavailable 
    • buyer or lessee may reject the installment only if its value is substantially impaired and cannot be cured
    • Perfect tender rule no longer holds if the performance becomes commercially impracticable owing to circumstances that were not foreseeable when the contract was formed
  2. What are the obligations of the buyer or lessee
    • must pay for the goods at the time and place the goods are received 
    • absolute right to inspect the goods before acceptance
    • manifest acceptance of delivery goods expressly in words or by conduct or by failure to reject goods offer a reasonable period of time following inspection 
    • can make partial acceptance
  3. What can the aggrieved party do in an anticipatory repudiation
    • await performance by the repudiating party for a commercially reasonable time
    • Resort to any remedy for breach
    • suspend performance
  4. What are some types of remedies for a seller or lessor when a contract is breached
    • goods are in the possession of the seller or lessor:
    • - cancel the contract
    • - withhold delivery
    • - resell or dispose of the goods
    • - sue to recover the purchase price or lease payments due
    • Goods are in transit: stop the carrier from delivering the goods 
    • goods are in the possession of the buyer or lessee: 
    • - sue to recover the purchase price or lease payments due
    • - reclaim the goods. repossess goods
  5. What are some types of remedies for a buyer or lessee when a contract is breached
    • When the sell or lessor refuses to deliver the goods: 
    • - cancel the contract
    • - recover the goods if payment was made and not delivered within 10 days
    • - obtain specific performance (equitable)
    • - obtain cover
    • - replevy the goods 
    • - sue to recover damages
    • When the seller or lessor delivers nonconforming goods:
    • - reject the goods
    • - revoke acceptance 
    • - accept the goods and recover damages

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