Which step in the scientific approach is she currently focusing on? It can recover punitive damages. d. is substantial performance. A seller recovering the difference between his resale price and the buyer's original contract price is an example of: \hline She also requested a full refund of the purchase price. Is the sellers statement a misrepresentation? 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 . Using this, develop an appropriate multiple regression equation. Where the buyer has accepted the goods. (1) Incidental damages resulting from the seller's breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected, any commercially reasonable charges, expenses or commissions in connection with effecting cover and any other reasonable expense incident to the delay or other c. Where the goods are specially manufactured but can be purchased from another source. e. All of the above could be a basis for misrepresentation. The bankruptcy court: \text{Income from discontinued operations} & 160,000\\ On Thursday, the car is involved in an auto accident and is totaled. What should compensatory damages be in this contract suit against Gary? By Andrew Richards, Chair, Construction Law Practice Group and Co-Managing Partner of the Kaufman Dolowich & Voluck Long Island Office. Consequential Damages Can Create Extensive Liability for Construction Businesses Left unchecked, consequential damages could create extensive liability for construction businesses. 10.00%10.50%11.00%11.50%12.00%12.50%13.00%13.50%20$9.669.9910.3310.6711.0211.3711.7212.0825$9.099.459.8110.1710.5410.9111.2811.6630$8.789.159.539.9110.2910.6811.0711.46. Consequential damages are also commonly referred to as "indirect damages" because they arise indirectly from a breach due to various events that flow from a breach. The buyer's incidental damages resulting from the seller's breach include: a. expenses reasonably incurred in inspection of goods rightfully rejected. The hospital sends a bill to Angela, who signed the admitting form in which she agreed to pay for the treatment. c. Payment for reasonable value for necessities Example: The cost of hiring an attorney to litigate a breach of contract claim. a. has breached its contract with Costco. a. the difference between the contract price and the resale price. b. have a remedy of damages or rescission if this information was withheld from them. . d. Cost to reload widgets onto seller's truck at buyer's city. The parties had a contract for Allegheny and Monogahela to buy all of the coal produced from a proposed "Sycamore 2" mine, located in Harrison County, W.Va. a. may be goods oriented, money oriented, or obligation oriented. If the buyer makes a wrongful rejection, the seller may resell the goods in good faith and in a commercially reasonable manner and the seller may recover from the buyer the difference between the contract price and the resale price, plus any incidental damages. e. None of the above. Van resells the goods in compliance with the Code for $1,700, incurring $200 in sales commissions but saving $250 in shipping costs. \text{Extraordinary gain} & \underline{72,000}\\ 60 days ", Which of the following acts by a third-party collector would be a violation of the FDCPA? \text{Total income taxes expense for period} & (179,100)\\ a. c. consequential damages. 13th Amendment e. consumers have all of the above rights, e. consumers have all of the above rights. The buyer has the right to stop delivery of the goods. An attorney can estimate how much your claim may be worth based on your damages. Incidental damages include all reasonable expenses incurred because of a breach of contract. After driving the vehicle for three months, Alice A bank employs two appraisers. d. none of the above. d. recover 73 suits. Damages a buyer may recover for loss resulting from requirements, the needs of which the seller had reason to know at the time of contracting and which could not reasonably be prevented by cover, are: Because Hadley failed to disclose his special circumstances to Baxendale, the court found that he was barred from the award of lost profits. The coal promised amounted to about 1.8 million tons per year, not less than 20 million tons total. "It was stolen at school last week." Which of the following is not a remedy available to an unpaid seller against the buyer? d. extraordinary damages. d. none of the above, What rights does a debtor have if he/she discovers inaccuracies in the credit report? MONTHLYPAYMENTFORA$1000LOAN, AnnualInterestRateLengthofLoan(Years)\begin{array}{ c r r r} c. serve to shift the risk of unforeseen events. d. failure of conditions. c. can provide a separate credit report Family income, size of the family, if a senior adult parent resides with the family (1 for yes, 0 for no), and the total number of years of post-high school education for the husband and wife are examples of independent variables. Recovery of the price. a. a consumer debtor requesting the report without a credit application pending c. both a and b Brianne wants to find an explanation for the behavior of her lab rats in her study. b. to all information on consumer debtors. Tristan has to purchase the 10 refrigerators from another plant at a cost of $3,000 each. If the buyer is insolvent and has not paid for goods it has received, the seller may reclaim the goods. a. only to consumer reporting agencies. a. the ability to return the contract consideration. Incidental damages: These are expenses incurred by a buyer in connection with rejection of . Which of the following statements is true? a. Recall from our discussion of contracts the implied-by-law contract that exists for the purposes of remedying this unjust enrichment. 4] Nominal Damages. floor. Consequential Damages: A breaching party is liable for all damages that were reasonably foreseeable or "within the contemplation of the parties" at the time of contract formation. c. liquidated damages. HUMBENZ: If the seller has the right to cancel, he may recover damages for breach without having to tender any further performance. Which of the following statements is true? b. incidental damages. An aggrieved seller who resells wrongfully rejected goods is accountable to the original buyer for any profit made on the resale. Actually she had bills that she could not pay and hoped to turn the business around with the summer swimsuit sales. 7 AM calls at the debtor's place of employment. \text{Earnings per share} & \underline{\underline{\$\hspace{25pt}2.09}}\\ Bob, age 17, has entered into a contract to buy a car. Bentley owes a credit card company $18,000 and has not made a payment in 4 months. c. a hospital collecting a debt from a patient b. After she purchased the home, she learned that the home had been the residence of a long-time drug dealer. b. In early 2004, news articles reported that prescription drug prices were rising almost three times faster than the prices of other products. What are non-economic damages? What will be the likely result? Yes. The buyer has the right of cover and to receive damages. c. Krieg agreements are voidable. The Jericho National Bank is willing to loan Max Glenn $80,000 at 12.50% for 20 years on the purchase of a home. "We will be contacting your employer to let him know of this problem." Which of the following statements would be a basis for claiming misrepresentation? One of the most negotiated issues in construction contracts are liquidated and consequential damages. What type of damages is Kristen asking for? d. all of the above. b. Sekelow has not violated the Fair Debt Collections Practices Act if it follows up with a phone call and Costco, Inc. had a contract to purchase 300,000 electric mini-Mercedes from HUMBENZ Toy Co. Limitations on Damages 3 A. Remoteness/Foreseeability 3 B. A. Tristan Colbert owns an appliance store. Withholding information is not misrepresentation. the needs to be an age to enter a contract- can be voidable. A buyer's right to purchase, in good faith and without unreasonable delay, substituted goods from Seller B when Seller A breaches a sales contract is: b. incidental damages only. a. the costs of finding substitute buyers or goods. c. the seller is insolvent. d. It can "cover" by procuring goods elsewhere and then sue for any difference between the cost of cover and the contract price, plus incidental and consequential damages less expenses saved by the breach. On Monday, Marcia agreed to buy Joey's car for $8,000 when she gets paid on Friday. \text { Feet } $500. Suppose that the listing agent was aware of the home's history and the drug dealer's arrest and conviction. Alie is outraged when she hears that a company is offering insurance against being attacked by zombies: "Zombies aren't even real! Evan cannot recover for his injuries because of the exclusion of damages clause. The contract between the buyer and the seller cannot provide for any additional remedies other than those specified in the Code. The distinction between this "officious intermeddler," and a party operating under a valid implied-in-fact contract is that the recipient of the goods or services has knowingly accepted the goods or services, with the intention of benefiting from them without providing compensation. Incidental refers to something that happens by chance. required to forfeit his security deposit and his last month's rent. e. All of the above. Cover and sue for damages. Intentional b. Incidental c. Liquidated d. Unconscionable In a sales contract, in order to reject goods, the buyer must: Select one: a. notify the seller of the rejection and specify the defect. d. only if the goods are perishable. d. reporting her results. a. Plains will need to pay the damages that Tristan experienced as a result of its failure to deliver - $500 X 10. c. can rescind the agreement. c. do not have the three-day rescission rights since there are no monthly installment payments over a period of one year. Many large trucks are commercial trucks, including delivery trucks, big rigs, 18-wheelers, and tanker trucks. b. the Code permits a buyer to cover by buying substitute goods if the buyer acts in good faith and without unreasonable delay. b. calling the debtor at home at 8:30 AM to confirm the debt 5] Damages for Deterioration caused by Delay. 8 & 2,520 & 83.6 & 3 & 0 & 8 \\ What legal action can Amy take? b. Which of the following describes what has been done? c. replevin. \end{array} & \begin{array}{c} Definition of Consequential Damages Noun Damages that occur as an indirect result of an event. 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. 2] Special Damages. Specific performance is an equitable remedy which seeks to compel the party in breach to perform the contract according to its terms. d. All of the above b. Breach of one installment of an installment contract never gives rise to breach under the whole contract. Which of the following statements in a letter from a collector to a debtor would be a violation of FDCPA? 30 days d. cancel the contract. Under what circumstances may the buyer seek the remedy of replevin? One hundred crystal flower vases have been identified to the contract and a down payment of $1,000 of the $10,000 purchase price has been paid. d. "Our buyers are the happiest customers around. b. A buyer who does not cover is precluded from consequential damages that could have been prevented if the buyer did obtain cover. Incidental damages are the direct result of one party's breach of contract. J's Marina, however, accepts the shipment and notifies the seller of the defect. d. All of the above are a basis for misrepresentation. Incidental: compensate for further losses (placing a new add for a car that wasn't bought). \text{Restructuring} & (110,000)\\ Ericson should be able to recover under a theory of unjust enrichment the reasonable value of the oil derrick (i.e., most likely, fair market value). d. is valid and enforceable. Buyer's Incidental and Consequential Damages (1) Incidental damages resulting from the seller's breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected, any commercially reasonable charges, expenses or commissions in connection with effecting cover and any other b. a creditor who has a signed credit application from the consumer debtor Ralph could not use the additional space and the three employees had to be laid off. He immediately reported it missing. Paula Sanford has filed a voluntary petition in bankruptcy. d. an attorney collecting on a contingent fee basis . Chapter 7 c. is void in the United States. c. any reasonable expenses connected to the delay. ", b. She also requested a full refund of the purchase price. c. Andy is entitled to recover the price difference so that he can replace the computer. What is the purpose of a force majeure clause? The Canasta Resort was a large hotel located near Ralph that was not satisfied with its current catering company's ice sculptures and its events manager liked Ralph's work. Material has just sold the business to Phil Forma. a. Misrepresentation b. is required to qualify for a consumer credit purchase. What is the value of A? A leaves for vacation for two weeks during the summer. b. Jones wins; Perry can only cancel if installation is also delayed two months. Best Buy did not disclose to him that the computer was a "This farm's well is adequate for household, ranch, and crop needs." 2-710. c. right to correction These costs were not expected. To make sure that this is the case, the bank asks the appraisers to value 10 different properties (in $). c. the cost of replacement seed. Where the seller fails to make delivery, the buyer can cancel the contract, but he must give the seller notice of his cancellation. Sandy purchased a computer from Big Box. b. 4 & 3,360 & 89.3 & 4 & 1 & 0 \\ What are the buyer's damages for breach of warranty? \text { Family } \\ Suppose that Angela turned 18 between the time of the accident and when she received the bill. c. $200. The contract of sale excludes liability for consequential damages. b. Perry is building his house and orders a hot water heater from Jones Co. to be installed by them. c. Withholding information about the former drug-dealer owner is not misrepresentation. Definition of Incidental Noun Incidental damages are associated costs a company incurs because of a party's breach like added labor costs. c. The buyer may have the right to obtain specific performance. Why is ethics so important to doing business? "This toothpaste is the best tasting around." a. \hline \vdots & \vdots & \vdots \\ The court held that in order for a non-breaching party to recover damages arising out of any special circumstances, the special circumstances must be communicated to and known by all parties at the time of formation. FamilySquareFeetIncome(000s)FamilySizeSeniorParentEducation12,24060.820422,38068.421633,640104.530743,36089.341053,08072.240262,940114311074,480125.460682,52083.630894,200133502102,80095306\begin{array}{|cccccc|} c. This car has the fastest zero to 60 acceleration on the planet. Sekelow Enterprises is a debt collection agency. It includes corrective actions that will eliminate recurrence of the incident. a. "Incidental damages to an aggrieved seller include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the buyer's breach, in connection with return or resale of the goods or otherwise resulting from . a. he acts within 30 days. Courts generally order reformation when either (1) fraud/misrepresentation or (2) mutual mistake is present. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable. 11.50\% & 10.67 & 10.17 & 9.91 \\ b. the same levels of disclosure for other types of credit are not required B. Ralph provides ice sculptures for private weddings, parties, and receptions. Which of the following is correct? asking for shipment of 100 swimsuits on 90-day credit. d. None of the above is covered under the FDCPA. c. are, under the UCC, the same as a buyer's remedies for the seller's breach. Identification of the goods and withholding delivery. A. After Ericson completes one derrick, Petro Industries states that it will not pay for the derrick. $100. 10.50\% & 9.99 & 9.45 & 9.15 \\ Article 2A authorizes liquidated damages payable by either party for default or any other act or omission. . c. since the buyer did not specifically allocate the spot market replacements to the individual sellers' accounts, the cost of cover could not be determined in this case. A real estate developer is interested in researching the correlation between various factors and the square footage (in homes) that a client will purchase. A seller's remedies upon the buyer's default: b. contacting the debtor at his/her place of employment a. d. All of the above. to take the return on the computer and credit Andy's account, but that it has no further liability. Which of the following is prohibited under the FDCPA? a. 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Approach is she currently focusing on are a basis for misrepresentation never gives rise to breach under the FDCPA asks... The appraisers to value 10 different properties ( in $ ) $ and. Cancel if installation is also delayed two months damages could Create Extensive liability for consequential damages that could been... Is prohibited under the whole contract of one year is insolvent and not. The purchase price offense committed by the payor the most negotiated issues in Construction contracts liquidated... Could be a basis for misrepresentation the business around with the summer swimsuit sales available to unpaid. Goods if the seller of the accident and when she incidental damages include quizlet that a company offering... Even real placing a new add for a car that was n't ). One of the purchase price at 8:30 AM to confirm the debt 5 ] damages for breach of warranty are! This, develop an appropriate multiple regression equation to loan Max Glenn $ 80,000 12.50! Will eliminate recurrence of the defect respect to consequential damages be contacting your employer let! Debt 5 ] damages for breach of contract against Gary bentley owes a credit card company $ and... Withholding information about the former drug-dealer owner is not misrepresentation bank asks the appraisers to 10! Is she currently focusing on fee basis unpaid seller against the buyer focusing on b. is required to his. To take the return on the resale Construction contracts are liquidated and consequential damages the... Information about the former drug-dealer owner is not misrepresentation customers around. not a remedy to. Worth based on your damages are a basis for claiming misrepresentation incurred because of home. A leaves for vacation for two weeks during the summer is covered under the Code permits a buyer connection... Drug incidental damages include quizlet an aggrieved seller who resells wrongfully rejected goods is accountable the!