Chapter 16

Question 1

If the buyer or lessee breaches the contract before the goods have been delivered, the seller or lessor has the right to pursue the following remedies

Answer 1

Cancel (rescind) the contract
Resell the goods and sue to recover damages
Sue to recover the purchase price or lease payments due
Sue to recover damages for the buyer’s nonacceptance

Question 2

If the seller or lessor refuses to deliver the goods, or the buyer or lessee has rightfully rejected the goods, the remedies available to the buyer or lessee include the right to

Answer 2

Cancel (rescind) the contract
Obtain goods that have been paid for if the seller or lessor is insolvent
Sue to obtain specific performance if the goods are unique or damages are an inadequate remedy
Buy other goods and obtain damages from the seller
Sue to obtain identified goods held by a third party
Sue to obtain damages

Question 3

An action for breach of contract under the UCC must be commenced within __________ after the cause of action accrues

Answer 3

4 years