ch22 - Ch.22 Quiz Instructions Please read the questions...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch.22 Quiz Instructions Please read the questions carefully. This assessment is worth 100 points. 1. Under Article 2, a remedy limitation blocking recovery of personal injury caused by consumer goods is prima facie unconscionable. (5 points) True False 2. Article 2's basic statute of limitations is four years from the time of the breach--usually, four years after the goods are delivered to the buyer. (5 points) True False 3. One way that a buyer might breach a contract for the sale of goods is by wrongfully refusing to accept them. (5 points) True False 4. If the seller is in the process of manufacturing the goods when the buyer breaches the contract, one of the seller's options is to complete manufacture of the goods and then resell them--so long as this minimizes the loss to the seller. (5 points) True False 5. Where the seller properly resells the goods after the buyer's breach, the seller may recover the difference between the resale price and the original sale price in the contract. (5 points) True False 6. The seller is obligated to resell the goods in cases where the buyer refuses to accept goods that conform to the contract. (5 points) True False 7. If a seller tries to reclaim goods sold to the buyer because of the buyer's insolvency (UCC section 2-702(2)), the seller's recovery effort will fail if the buyer has already sold the goods to a good faith purchase for value. (5 points) True False
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8. If the seller fails to deliver goods as required by the contract, then the buyer can purchase substitute goods, and recover the difference between the contract price and the cost of the substitute goods. (5 points)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/28/2012 for the course ACCT 460 taught by Professor Charley during the Spring '12 term at Aachen University of Applied Sciences.

Page1 / 4

ch22 - Ch.22 Quiz Instructions Please read the questions...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online