Damages recoverable in event of specified breach

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Reference no: EM132253527

1. Liquidated damages are when the amount of damages recoverable in the event of a specified breach (i.e. late performance) as agreed at the date of the contract.

True

False

2. Which of the following statements is true?

a) Normally, the buyer has right to inspect goods

b) If a delivery by the seller is rejected because non-conforming and the time for performance has not yet expired, the seller may seasonably notify the buyer of his intention to cure and may then within the contract time make a conforming delivery

c) Where the contract requires payment before inspection non-conformity of the goods does not excuse the buyer from so making payment

d) All of the above

e) None of the above

3. New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems with the property. Previously, they were expected only to answer buyers' questions. The new regulation addressed the marketing ethical problem of

A. withholding information.

B. misleading advertising.

C. deceptive pricing tactics.

D. high-pressure sales techniques

4. The Ethical Decision-Making Framework includes three of the following steps. Which is not part of the Ethical Decision-Making Framework?

A. Identifying issues

B. Gathering information and identifying stakeholders

C. Promoting the firm's corporate social responsibility efforts

D. Brainstorming and evaluating alternatives

5. Statute of limitation for the sale of goods requires that the action must.

a) Start within 3 years

b) Start within 4 years

c) Start after 4 years

d) All of the above

e) None of the above

6. Negligence is one category of Torts while ____________ is another.

a) Product liability

b) Breach of contract

c) Performance

d) All of the above

e) None of the above

7. The buyer has a right before payment or acceptance to inspect goods at any reasonable place and time and in any reasonable manner. When the seller is required or authorized to send the goods to the buyer, the inspection may be after their arrival.

True

False

8. When the seller breaches a contract the buyer's remedies include.

a) Canceling the contract

b) Recovering damages

c) Seeking "cover"

d) All of the above

e) None of the above

Reference no: EM132253527

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