Key Rules Flashcards
“Terms of art” used in contracts for the sale of goods are enforceable where…
the meaning of the term can be foud in a usage of trade.
Installment contracts authorize the delivery of items…
in separate lots over time.
Late-delivered lots of items in an installment contract can be rejected only if the late delivery…
substantially impairs the value of the installment.
A uyer can reject a substantially impaired shipment in an installment contract if they do so…
within a reasonable time after delivery and with seasonable notice to the seller.
In the case that a buyer in an installment contract validly rejects goods, they may sue for damages which will be measured by…
the difference between the market value of the goods and the contract price, plus lost profits.
A buyer who recieves nonconforming goods should try to mitigate damages by…
seeking to “cover” the goods elsewhere.
A buyer is not expected to mitigate damages and cover if ….
the seller has given repeated assurances of its timely delivery.
If a buyer accepts nonconforming goods, they may keep the goods and recover damages for….
any loss resulting from the breach, including lost profits.
