UCC Damages

Question 1

UCC Damages

Answer 1

• contract price
  *cover price
  *incidental
  *lost volume sale price
  *resale prices
  *market price
  *consequential
  *specific performance

Question 2

buyers election UCC

Answer 2

cancel and recover what has been paid
cover with substitute goods
recover damages based on market price
seek replevy of identified goods
specific performance

Question 3

Sellers election UCC

Answer 3

withhold delivery
stop delivery
recover damages based on market price
recover contract price
cancel

Question 4

Seller remedies Contrat

Answer 4

price for contract

Question 5

cover price

Answer 5

difference between contract price and substitute goods

Question 6

incidental

Answer 6

hard costs incurred because of the breach or securing substitute performance

Question 7

lost volume sale price

Answer 7

the ability for seller to recover profit lost from the sale when it can prove that it could have sold two item instead of just one

Question 8

specific performance

Answer 8

reserved for custom-made goods that are specifically identified in the contract

Question 9

Consequential

Answer 9

profits lost as a result of not being able to sell the good

Question 10

market price

Answer 10

difference between the contract price and the price the good is sold for on the open market

Question 11

resale price

Answer 11

difference between the resale price and the contract price

Question 12

A Catch all

Answer 12

UCC 2-708 if damages are provided in subsection 1 market price damges is inadequate to put the seller in as good position as performance would have done then the measure of damages the profit including reasonable overhead which the seller would have made from a future performance by the buyer, together with incidental damages due allowance for costs reasonably incurred and due credit for payments or proceeds of resale.

Question 13

Seller remedy lost voluime theory

Answer 13

resell the stuff
cant resell it
recover either, difference between contract price usually higher and the market price usually lower+ incidental - expenses saved
or
the full contract price but must be hold the good for sale and sell them when a seller presents itself BONUS —- could have made two sales instead of one.

Question 14

buyers remedies

Answer 14

cover damages
market price
specific performance
another catch all

Question 15

seller remedies

Answer 15

resale
market price
contract price
a catch-all

Question 16

Buyers remedies

Answer 16

buy replacement stuff, cover
cant buy new stuff
recover either difference between contract price and the market price usually higher + incidental + consequential- expenses saved breach
or
the good themselves provided they are still either unique or specifically identified in the contract
or buyer may cancel the contract return the goods and recover the contract price