In contract law, the seller generally has a limited right to cure, or fix the problem, when
the goods or delivery under a contract fails to meet the specified contract terms
. If the “goods or the tender of delivery fail in any respect to conform to the contract,” the buyer may reject the goods.
Which of the following is true of the buyers right of inspection?
Which of the following is true about a buyer’s right of inspection? If not mentioned in the contract,
the buyer has the right to inspect goods in a reasonable time, place, and manner prior to accepting or paying for them
.
What is the right to cure in sales or lease contracts quizlet?
a seller or lessor has the right to cancel a sales or lease contract if the buyer or lessee rejects or
revokes acceptance of the goods, fails to pay for the goods
, or repudiates the contract in part or in whole.
What are exceptions to the perfect tender rule?
There are two exceptions to the rule: 1) when the seller provides a non-conforming tender but notifies the buyer that it will cure it prior to the expiration of its performance delays or 2)
if the parties had entered into an installment contract
.
Which of the following is not a remedy available to an unpaid seller against the buyer?
Cover and sue for damages
is NOT a remedy available to an unpaid seller against the buyer; this is a remedy available to a buyer. See “Remedies of the Seller 23-1.”
What remedy is available to both buyers and sellers?
The remedy of adequate assurances
is available to both buyers and sellers. A merchant whose tender is rejected may demand from the buyer a written statement of the defects 1.
Are damages that will be paid upon a breach of contract that are established in advance?
Damages that will be paid upon breach of contract that are established in advance. –
Liquidated damages
are valid if they are reasonable in light of anticipated or actual harm caused by breach, the difficulties of proof of loss, and the inconvenience or non feasibility of otherwise obtaining an adequate remedy.
What is the right of inspection?
What is a Right of Inspection? … Typically a Right of Inspection document provides
directors with a nearly absolute right to inspect corporate documents
, and gives members or shareholders a wide but more limited right to inspect documents, and may require them to provide a proper reason before being allowed access.
What are the three different rules for a buyer’s duty to pay?
Key among these are rules regarding
payment, inspection, rejection, and revocation
. Many of these rules rely on the general principle of what is reasonable in the circumstances. In practice, this means that disputes are generally treated on a case-by-case basis.
What are the rights and obligations of a buyer?
Duties of the Buyer:
To pay the price in exchange for possession of the goods
.
To apply for delivery of the goods
. … To inform the seller in case the buyer refuses to accept or rejects the goods ( Sec 43) To take the delivery of the goods within a reasonable time after the seller tenders the delivery (Sec.
When a seller refuses to deliver goods that are unique?
b. 15. When a seller refuses to deliver goods that are unique,
a buyer can obtain specific performance
.
Which of the following has the risk of loss and title passing to the buyer?
merchant
– The risk of loss passes to the buyer when the goods are received. When documents that can transfer title, or ownership, represent existing, identified goods, the buyer has property interest, but not title, and an insurable interest in such goods at the time and place of contacting for their sale.
When a buyer has possession of goods after rightfully rejecting them the buyer is treated?
When a buyer has possession of goods after rightfully rejecting them, the buyer is treated: a.
the same as a seller in the possession of goods after default by a buyer
.
What are the three stages of contract of sale?
The stages of a contract of sale are: (1) negotiation, starting from the time the prospective contracting parties indicate interest in the contract to the time the contract is perfected;
(2) perfection, which takes place upon the concurrence of the essential elements of the sale
; and (3) consummation, which commences …
Has unpaid seller any remedy against the buyer personally?
If the buyer wrongfully refuses or neglects to accept and pay the unpaid seller, the seller can
sue the buyer for damages caused due to
his non-acceptance of goods. Since the buyer refused to buy the goods without any just cause, the seller may face certain damages.
Which right is available to an unpaid seller?
The unpaid seller has the
right to resell the goods
. 1. Suit for price 2. Suit for interest and special damages Here, suit can be filed for interest and special damages.
