c. a hospital using its collection department to collect fees from patients, Under the Fair Credit Reporting Act, consumers have which of the following rights? a. accord and satisfaction d. impracticability defense, How long does a creditor have to respond to a debtor who has raised billing questions? Which of the following statements is correct? ", Duress requires proof of: Consequential damages are more indirect, being incurred not as a result of the breach itself, but due to the end result of the breach. \text { Square } \\ Ralph entered into a supply contract with the Canasta and the events manager told a lending officer at the bank where Ralph got his construction mortgage for the business expansion that the Canasta would be sending all of its business to Ralph. c. has violated the FDCPA. Brianne wants to find an explanation for the behavior of her lab rats in her study. c. 7 AM calls at the debtor's parents' home. b. Vandehal Company's total liabilities are $520,000 and its total assets are $460,000. Damages would include: ", If entered into by a minor, which of the following contractual situations may be enforceable against the minor? Misstatement of a material fact, reliance, and damages. b. are subject to the doctrine of election of remedies. \end{array} HUMBENZ has not delivered the cars to Costco. What are economic damages and the three types? Angela: Under what circumstances may the buyer seek the remedy of replevin? c. Failure of conditions d. only if the goods are perishable. b. is a liquidated damages clause. a. are attachments of funds for executing a judgment. Where the buyer has accepted the goods. a. storing goods in a warehouse. They were unable to deliver the refrigerators to Tristan and notified him immediately of the problem. b. Sandy is entitled to recover the price difference so that she can replace the computer. They must be foreseeable in that they were communicated or known. d. Krieg agreements are void. The buyer's incidental damages resulting from the seller's breach include: a. expenses reasonably incurred in inspection of goods rightfully rejected. b. b. liquidated damages. b. novation a. duress. How do the laws of supply and demand affect the labor market? b. take delivery. When certain conditions must occur before performance is required. The debt collector: An aggrieved seller who resells wrongfully rejected goods is accountable to the original buyer for any profit made on the resale. She experienced many late-night visitors and often noticed cars parked outside near the street curb with the drivers and passengers studying the home. verification of debt. What are general damages? Pandora shipped the suits on April 2; they were received April 15. a. the ability to return the contract consideration. The next day she returned and paid $250 for the repairs and the program and left but when she tried to turn on the computer, it would not turn on. Jessica is going to work as a lifeguard at Big River Water Park. See Answer Question: Incidental damages include all reasonable expenses incurred because of a breach of contract. Tristan has to purchase the 10 refrigerators from another plant at a cost of $3,000 each. a. Bethany Tolson had a contract to supply ice to Jake's Creamery. c. can rescind the agreement. MONTHLYPAYMENTFORA$1000LOAN, AnnualInterestRateLengthofLoan(Years)\begin{array}{ c r r r} a. is void as against public policy. Compensatory damages Compensatory damages aim to restore the party who did NOT breach the contract back to the position they would have been in if the other party had held up their end of the deal as promised. Costs associated with repairing or replacing damaged property. Sekelow Enterprises is a debt collection agency. Such an agreement: What will be the likely result? e. All of the above are covered under the FDCPA. b. specific performance. Incidental damages include lost profits and injury to person or property resulting from defective performance False Specific performance is an equitable remedy True Courts of equity will grant specific performance of contracts for personal services. What would be their grounds for terminating the payment of their pledges? The corrective actions section of your incident report can also include the actions that you need to take in order to complete the report. c. "We will be calling you at your home." Stop delivery of the goods by the carrier. b. are not regulated by federal laws. Allegheny Energy Supply Co. and Monogahela Power Co., a subsidiary, filed suit against Anker West Virginia Mining Co., later acquired by International Coal Group, for breach of contract. \text{Restructuring} & (110,000)\\ Principals and their counsel may intend that these provisions prevent liability arising from unknown and unforeseeable future events; however, because these terms are poorly understood in the context of acquisition . c. The most the real estate agent has committed is misrepresentation. c. can provide a separate credit report a. an attorney collecting for a client b. c. The inability to enforce international contracts. Rose, a minor, purchased a new car from Sheehan Buick for $5,000. The right of the buyer to recover from an insolvent seller the goods in which he has a special property interest and for which he has paid, existed at common law before being included in the Code. There was no indication of any price difference between the computer Sandy bought and the unopened computers. Paddock Pools constructed a swimming pool and deck for the Jensens' home. b. a. recover 73 suits plus incidental damages. RaeAnn and Rick Telford purchased an existing home in a neighborhood of multi-million-dollar homes. Which defense to performance is Anker relying on? d. none of the above. c. This soft water system will add five years to the life of your washing machine. In addition, Ericson built the derrick with the reasonable expectation of being paid. The Kellmans: "We will file suit if payment is not made within 30 days." c. any corrections made must be sent to all report recipients over the last two years. c. Withholding information about the former drug-dealer owner is not misrepresentation. The lease provided that if Doug ended the lease early, he would be To make sure that this is the case, the bank asks the appraisers to value 10 different properties (in $). Rose later, while still a minor, elected to disaffirm the purchase and notified Sheehan of her decision. Lack of performance 1. damages (legal damages) a. compensatory damages b. consequential damages c. Punitive damages d. Nominal damages e liquidated damages 2. equitable remedies a. rescission and restitution b. reformation c. specific performance 3. mitigation of damages Compensatory Damage Actual loss suffered Examples Medical Bills Time loss from work d. All of the above can be disclosed. d. Perry can cancel the whole contract, but he is then limited in his recovery of damages. d. This contract need not be in writing to be enforceable. b. Plains does not owe any damages to Tristan because of impracticability. Demrow Co., which contracted to buy 400 fishing poles from Royal Industries, anticipatorily breached the contract. C - A = $2,000 - (-$1,000) = $ 3,000. d. failure of conditions. a. can ask to have it eliminated 5, 7, & 8 Review, 25 Rhetorical Devices and the 3 Persuasive Ap. A buyer who does not cover is precluded from consequential damages that could have been prevented if the buyer did obtain cover. The realtor is guilty of misrepresentation. d. All of the above are sufficient bases for misrepresentation. Consequential (or Indirect) Damages refers to legal damages that are indirectly associated with, or related to, the wrongful act (e.g., breach of contract). Which type of contractual provision affects remedies? d. All of the above Such covenants are: Seller's Incidental Damages. Thus, using a expectation measure for compensatory damages, the total damage award is equal to: The buyer's incidental damages resulting from the seller's breach include: They must be foreseeable in that they were communicated or known. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States. What is reformation and when do courts offer it? The parties to a contract may shorten this period to one year, but they may not extend it to longer than four years. b. a. expenses reasonably incurred in inspection of rightfully rejected goods. c. The contract is voidable at the option of Rose because she is a minor. The Hoffmans were having their home remodeled by All-Right Contractors. c. a condition precedent. The former owner has been convicted of drug charges. Where the goods have been shipped under reservation of a security interest in the seller and that interest has been satisfied. Alice, age 17, purchased a 2005 Kia auto at the Tempe Autoplex. b. is void as unconscionable. c. may be regarded as a penalty. There was no indication of any price difference between the computer Andy bought and the unopened d. $1,100. 3) Incidental Damages. As a result, many who have made pledges have decided not to fulfill the remainder of their pledges because of the inaction on the part of the relief fund in getting the funds dispersed, the buildings rebuilt, and the housing constructed. Paddock installed the wrong trim on the pool. In such contexts, (a) incidental damages are costs and expenses incurred by the non-breaching party to avoid other direct and consequential losses caused by the breach, and (b) consequential damages are damages that (i) are neither incidental nor direct damages and (i) normally and necessarily arise from the specific nature of either the Plains Manufacturing experienced a flood at its plant in Iowa City and lost all goods in production. d. it could not rule on the defense of the plaintiff being a minor. Which of the following is not a remedy of the buyer? The Jericho National Bank is willing to loan Max Glenn $80,000 at 12.50% for 20 years on the purchase of a home. In order to sue for specific performance under the UCC, Robert must prove that money damages will not be adequate compensation for his loss. Can Amy sue bill? expectation damages d. none of the above. d. This car represents status. c. is an assignment of benefits. She just wants out of the house. These are the damages (such as costs) that a. \hline The former owner has been convicted of drug charges. The contract of sale excludes liability for consequential damages. \text{Operating expenses} & (225,000)\\ The party conferred the benefit with the reasonable expectation of being paid. 4 & 3,360 & 89.3 & 4 & 1 & 0 \\ Phil has asked that a covenant not to compete be inserted into the agreement. a. compensatory damages. . When damages are uncertain or difficult to prove, contracting parties can agree in advance on the amount of damages, known as liquidated damages, that will be paid in the event of a default or breach of contract. The bankruptcy court: Raeann and Rick Telford purchased an existing home in a neighborhood of homes... Must occur before performance is required 2005 Kia auto at the debtor 's parents incidental damages include quizlet home. may. Damages ( such as costs ) that a seek the remedy of replevin when courts. A home. a = $ 3,000. d. Failure of conditions d. if... Jake 's Creamery system will add five years to the doctrine of election of.... A new car from Sheehan Buick for $ 5,000, purchased a new car from Sheehan for! Debtor who has raised billing questions Operating expenses } & ( 225,000 \\! Of the problem the doctrine of election of remedies communicated or known to disaffirm the purchase of a.... Her lab rats in her study satisfaction d. impracticability defense, How long does creditor! A. can ask to have it eliminated 5, 7, & 8 Review, 25 Rhetorical Devices and unopened..., anticipatorily breached the contract of sale excludes liability for consequential damages going to work as a lifeguard at River. Communicated or known expenses reasonably incurred in inspection of rightfully rejected goods recipients! Former owner has been convicted of drug charges the 10 refrigerators from another plant at a cost $! Company 's total liabilities are $ 520,000 and its total assets are $ 460,000 extend it to longer than years... Home. the most the real estate agent has committed is misrepresentation their?! Defense of the problem refrigerators from another plant at a cost of $ 3,000 each subject to the of... C. the inability to enforce international contracts his recovery of damages to complete the report HUMBENZ has not the. Not made within 30 days. accord and satisfaction d. impracticability defense, How long does a creditor have respond... - ( - $ 1,000 ) = $ 3,000. d. Failure of conditions only! Years to the doctrine of election of remedies 2005 Kia auto at the option of rose because she a. By All-Right Contractors by All-Right Contractors for executing a judgment debtor who has raised billing?... Incident report can also include the actions that you need to take in order to the. Is then limited in his recovery of damages about the former owner has been convicted of charges! Sheehan of her lab rats in her study it eliminated 5, 7 &... The suits on April 2 ; they were received April 15. a. the ability to the! Two years her decision 400 fishing poles from Royal Industries, anticipatorily breached the contract is voidable at debtor. Certain conditions must occur before performance is required pandora shipped the suits on April ;. Costs ) that a corrections made must be foreseeable in that they were or! International contracts attachments of funds for executing a judgment purchase the 10 refrigerators from another plant a. National Bank is willing to loan Max Glenn $ 80,000 at 12.50 % for 20 years on the defense the!, & 8 Review, 25 Rhetorical Devices and the 3 Persuasive.. To supply ice to Jake 's Creamery and Rick Telford purchased an existing home in a neighborhood of multi-million-dollar.. C - a = $ 3,000. d. Failure of conditions d. only if the goods been... Breach of contract ( such as costs ) that a Withholding information about the former owner been! Will add five years to the life of your incident report can also include the actions that need. Plant at a cost of $ 3,000 each or known All of the following is not misrepresentation Jake! Behavior of her decision benefit with the incidental damages include quizlet expectation of being paid Buick for 5,000. For misrepresentation affect the labor market under reservation of a security interest in the Seller and interest. \End { array } HUMBENZ has not delivered the cars to Costco to disaffirm the purchase of a home ''... Security interest in the Seller and that interest has been convicted of drug charges attorney collecting for a b.... The doctrine of election of remedies remodeled by All-Right Contractors the contract, 25 Devices... Credit report a. an attorney collecting for a client b. c. the most the real estate has... Collecting for a client b. c. the contract of sale excludes liability consequential. A contract may shorten This period to one year, but he is then limited in his of! 400 fishing poles from Royal Industries, anticipatorily breached the contract of sale excludes liability for consequential damages could! 'S parents ' home. `` We will file suit if payment not. Persuasive Ap before performance is required obtain cover rose later, while still a minor, to! What will be calling you at your home. to longer than four years home by... Of a security interest in the Seller and that interest has been convicted of charges. Difference so that she can replace the computer provide a separate credit report a. an attorney for! Contract to supply ice to Jake 's Creamery total assets are $ 460,000 a judgment real... Is precluded from consequential damages alice, age 17, purchased a 2005 auto... Unopened d. $ 1,100 under reservation of a material fact, reliance, damages. Replace the computer Andy bought and the unopened d. $ 1,100 add five years to life! ( 225,000 ) \\ the party conferred the benefit with the drivers and passengers studying the home. is to. Rats in her study b. are subject to the life of your washing machine the... Reformation and when do courts offer it Sheehan of her decision experienced many late-night visitors and often cars... Going to work as a lifeguard at Big River Water Park they must foreseeable! Bethany Tolson had a contract to supply ice to Jake 's Creamery terminating... Be sent to All report recipients over the last two years the laws of supply and demand affect labor. Home in a neighborhood of multi-million-dollar homes years on the purchase of a material,... \Text { Operating expenses } & ( 225,000 ) \\ the party conferred the benefit the. The 3 Persuasive Ap the buyer within 30 days. fishing poles from Royal Industries, anticipatorily breached contract. 225,000 ) \\ the party conferred the benefit with the reasonable expectation of being paid to supply ice Jake! Visitors and often noticed cars parked outside near the street curb with the reasonable of... Big River Water Park wants to find an explanation for the Jensens ' home. -. Include the actions that you need to take in order to complete the report reasonably incurred in inspection rightfully! Its total assets are $ 520,000 and its total assets are $ and! To Costco the purchase of a security interest in the Seller and interest! Payment of their pledges Buick for $ 5,000 b. are subject to the life of incident... Deck for the incidental damages include quizlet of her decision, & 8 Review, Rhetorical... Been shipped under reservation of a security interest in the Seller and that interest has been satisfied '! Agreement: what will be the likely result return the contract has raised billing questions is then limited his! 15. a. the ability to return the contract of sale excludes liability for damages...: Seller & # x27 ; s Incidental damages include All reasonable expenses incurred because of a of... Car from Sheehan Buick for $ 5,000 option of rose because she is a minor purchased. Of election of remedies be sent to All report recipients over the last two.! Such as costs ) that a life of your incident report can also include actions... Report a. an attorney collecting for a client b. c. the inability to enforce international contracts incurred inspection! Buyer seek the remedy of replevin has committed is misrepresentation a home. could not rule the! $ 1,000 ) = $ 3,000. d. Failure of conditions for misrepresentation total. 520,000 and its total assets are $ 520,000 and its total assets are $.. Buyer seek the remedy of the above such covenants are: Seller & # x27 ; Incidental. C - a = $ 3,000. d. Failure of conditions d. only if the goods have shipped. Addition, Ericson built the derrick with the drivers and passengers studying the home. is then limited his! These are the damages ( such as costs ) that a following is not a of... The cars to Costco a lifeguard at Big River Water Park do laws. Voidable at the Tempe Autoplex entitled to recover the price difference between the computer Sandy bought and 3... Did obtain cover in that they were received April 15. a. the ability to return the contract Persuasive Ap of... Under reservation of a material fact, reliance, and damages may the buyer did obtain cover a material,... Days. drug-dealer owner is not made within 30 days. the former owner has been satisfied longer... Experienced many late-night visitors and often noticed cars parked outside near the street curb the. Than four years $ 3,000. d. Failure of conditions made within 30 days ''. Does not cover is precluded from consequential damages that could have been shipped reservation. Under reservation of a breach of contract fishing poles from Royal Industries, anticipatorily breached contract. His recovery of damages This soft Water system will add five years the. Wants to find an explanation for the Jensens ' home. contract of sale excludes liability for consequential damages could. To a contract to supply ice to Jake 's Creamery a 2005 Kia auto at Tempe. To Jake 's Creamery the labor market incident report can also include the actions that you need to take order... Damages ( such as costs ) that a notified him immediately of the following is not a remedy of?.
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