5 & 3,080 & 72.2 & 4 & 0 & 2 \\ 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. b. computers. On Monday, Marcia agreed to buy Joey's car for $8,000 when she gets paid on Friday. 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. c. can rescind the agreement. \text { Feet } The party conferred the benefit with the reasonable expectation of being paid. He immediately reported it missing. The contract for the additional $12,500 is invalid because of duress. In addition to other remedies available, Jim may be able to recover commercially reasonable expenses incurred as a result of the breach. a. has no liability to Ralph for the downturn in amount of ice sculptures ordered if it did not guarantee a minimum 1] Ordinary damages. b. only valid in employment contracts. Liquidation or limitation of damages. Incidental damages are the direct result of one party's breach of contract. An aggrieved seller who resells wrongfully rejected goods is accountable to the original buyer for any profit made on the resale. Anne was shopping for a used washing machine. The name "Sekelow Enterprises" and the company address appear on the postcards used along with: "VERY IMPORTANT: PLEASE CONTACT US ABOUT YOUR DILLARD'S DEBT." The law of restitution is the law of gains-based recovery, and can be contrasted with the law of compensation, which is the law of loss-based recovery. b. only if the goods are sold as a unit. a. The coal promised amounted to about 1.8 million tons per year, not less than 20 million tons total. Best Buy indicates that it is happy Liquidated Damages 7 IV. c. a hospital collecting a debt from a patient Consequential Damages Can Create Extensive Liability for Construction Businesses Left unchecked, consequential damages could create extensive liability for construction businesses. d. none of the above. The information is presented as an example below. The realtor is guilty of misrepresentation. Consequential damages can be awarded based on a variety of consequences, which can lead to significant amounts of money awarded to a plaintiff. b. c. It brings new perspectives into an organisation that can be applied to business opportunities and challenges. A debt collector calls the mother of a debtor and says, "I am calling to find out when we can expect your son to pay the $2,312 he owes on his bar tab at my client, The Swamp Cooler. b. Consequential damages include damages for lost profits from a contract to resell goods which the seller never delivers. Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded: c. Recover the price. Ralph provides ice sculptures for private weddings, parties, and receptions. Lack of performance a. the contract price of $2,000. b. file a complaint with the Federal Reserve Board. 10 & 2,800 & 95 & 3 & 0 & 6 \\ For legal protection, many companies will include what is known as a Limitation of Liability Clause in contracts, which is intended to reduce the possibility that the breaching party will have to pay an unreasonable amount of money in the event of a breach. c. Cost to initially ship the widgets to buyer. The Windsors sign a contract for the pool for a price of $12,000 with payments of $3000 each month for the next four months while the pool is under construction. It facilitates succession planning, future promotions, and career development of employees. c. Withholding information about the former drug-dealer owner is not misrepresentation. e. All of the above. Consequential damages include damages for destruction of a warehouse caused by the explosion of nonconforming goods. c. Where the goods have been identified to the contract and there is a ready market available for their resale at a reasonable price. \end{array} Ralph provides ice sculptures for private weddings, parties, and receptions. 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 . b. resell or recover damages for nonacceptance or recover the price. d. All of the above are a basis for misrepresentation. HUMBENZ has not delivered the cars to Costco. Andy experiences significant difficulties with the computer and returns it to Best Buy. Incidental damages are associated costs a company incurs because of a party's breach like added labor costs. Indirect damages refers to all the knock-on effects on the contract breach on the non-breaching party - all the non-immediate consequences that might happen. Definition of Incidental Noun ), Sales$1,110,000Costofgoodssold(550,000)Operatingexpenses(225,000)Restructuring(110,000)Totalincometaxesexpenseforperiod(179,100)Incomefromdiscontinuedoperations160,000Gainondisposalofdiscontinuedoperations140,000Extraordinarygain72,000Netincome$417,900Earningspershare$2.09\begin{array}{lr} If the breach by the seller concerns the whole contract, the buyer may cancel the entire contract. Withholding information is not misrepresentation. a. A company may be considered insolvent under the Code only if it is unable to pay its debts as they are due. Recovery of the price. A contract with a person declared mentally incompetent. b. right to dispute information in the report a. Plains will need to pay the damages that Tristan experienced as a result of its failure to deliver - $500 X 10. e. All of the above are covered under the FDCPA. She told the shop that the computer seemed to have a virus and asked them to remove any viruses they found and to install new virus protection software. HUMBENZ: 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. c. replevin. b. When a court orders restitution, the court orders the defendant to give up her gains to the plaintiff; when a court orders compensation, the court orders the defendant to pay the plaintiff for his loss. b. making calls to obtain replacement goods. c. do not have the three-day rescission rights since there are no monthly installment payments over a period of one year. a. has not violated the FDCPA because more than six months have passed since the last payment was made. c. Andy is entitled to recover the price difference so that he can replace the computer. c. a potential employer A. c. can take up to 75 percent of the debtor's wages. c. This car has the fastest zero to 60 acceleration on the planet. Ericson conferred a benefit on Petro Industries by building the oil derrick. c. is entitled to refocus its business and has not breached its contract. When certain conditions must occur before performance is required. c. Sekelow cannot collect the debt without registering as a credit repair organization. d. 120 days. Rose later, while still a minor, elected to disaffirm the purchase and notified Sheehan of her decision. The Canasta: b. On October 23, the Consumer Product Safety Commission announced a recall of the toy cars as well as a ban on their sales because of electrical shorts and a high risk of fire in the cars. Which of the following is not a remedy available to an unpaid seller against the buyer? b. 13th Amendment They must be foreseeable in that they were communicated or known. If the seller becomes insolvent, the buyer may still pay $9,000 and get the goods. Example: The cost to complete unfinished work on time may pale in comparison to the loss of operating revenue an owner might claim as a result of late completion. An attorney can estimate how much your claim may be worth based on your damages. Big Box indicates that it is happy to take the return on the computer and credit Sandy's account, but that it has no further liability. You own a window washing business and sign a contract with Gary's World of Glass to wash the 200 windows on the outside of the showroom. Which of the following statements is true? On Thursday, the car is involved in an auto accident and is totaled. b. is liable for the bill as a necessity. b. are protected by their three-day rescission rights under Regulation Z. Which of the following is true about a line of credit secured by the equity in the debtor's home? a. Uncertainty 4 C. Avoidability 5 III. a. are liquidated damages clauses. The buyer may deduct from the price due on the contract any damages resulting from any breach of contract by seller. The buyer has the right to stop delivery of the goods. a. Example. A lessor retains title to the goods and has the right to recover possession of them upon default by the lessee. What result? Chapter 11 Which independent variables would you include in the final regression equation? The realtor is guilty of duress. 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. Normally, compensatory damages include one or more of three possible items: loss in value, any allowable consequential damages (also called special damages), and any allowable incidental damages. 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 the breach. The equipment, which is not suitable for Keiser's purpose, causes $5,000 in damage to Keiser's property and $12,000 in personal injuries. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable. UCC 2-713: Market Price minus Contract Price, plus incidental damages (2-715) UCC 2-717: On notice to Promisor, Promisee may deduct damages caused by breach from any part of the price still . The parties to a contract may shorten this period to one year, but they may not extend it to longer than four years. d. he cannot buy replacement goods or the seller is insolvent. b. c. $200. They were unable to deliver the refrigerators to Tristan and notified him immediately of the problem. Landview Appliances sells a stove to Evan for his home. d. liquidated. d. All of the above. a. have breached their contract and will be liable to Fun-in-the-Sun for damages. Robert paid William $1,000 for a rare first edition of an Edgar Allen Poe novel. One of the most negotiated issues in construction contracts are liquidated and consequential damages. c. Alice may rescind the agreement regardless of whether she has the car. \end{array} a. Plains will need to pay the damages that Tristan experienced as a result of its failure to deliver - $500 X 10. Tristan Colbert owns an appliance store. c. The agency can only contact Bentley within normal hours and cannot contact him at inconvenient places or times. \text { Senior } \\ Akon had an idea for a website called "Fantrace," a site that would help celebrities connect with their fans. The lease provided that if Doug ended the lease early, he would be \text{Sales} & \$1,110,000\\ A: What is the value of C? Step-by-step explanation. c. to consumer and commercial credit. SalesCostofgoodssoldOperatingexpensesRestructuringTotalincometaxesexpenseforperiodIncomefromdiscontinuedoperationsGainondisposalofdiscontinuedoperationsExtraordinarygainNetincomeEarningspershare$1,110,000(550,000)(225,000)(110,000)(179,100)160,000140,00072,000$417,900$2.09. a. Sekelow has violated the Fair Debt Collections Practices Act. Under the CISG, if the buyer fails to perform any obligations, the seller may either require the buyer to pay the price or fix an additional period of time for the buyer to perform. What is incidental damages quizlet? "Look," the agent told them, "you can get the house sold and keep your values up or let it sit there and have the old druggies come by and destroy it." MONTHLYPAYMENTFORA$1000LOAN\begin{array}{c} Compensatory and incidental damages. a. there is a three-day rescission period. a. make a written objection. d. Andy is entitled to the return, but no additional damages. 60 days c. a lack of capacity in the contracting party. b. Sandy is entitled to recover the price difference so that she can replace the computer. She took it back to the repair shop and they stated they didn't know what happened but they would refund her $250. Jones Co. says it must be allowed to install the replacement heater. d. All of the above are sufficient bases for misrepresentation. The representatives of Fun-in-the-Sun Pool arrange a meeting at the Windsor's home to discuss the price and draw up plans. c. is an assignment of benefits. a. the costs of finding substitute buyers or goods. a. is a means by which international transactions can get sellers of goods paid. (Round earnings per share figures to the nearest cent. Which of the following is not a remedy of the buyer? a. credit contracts in which a security interest in the home is given. The hospital sends a bill to Angela, who signed the admitting form in which she agreed to pay for the treatment. In a special promotion, J's Marina purchases a 10-foot fishing boat for $900. c. Particular needs of the buyer need to be made known to the seller before the seller can be held responsible for consequential damages relating to those needs. Royal may proceed to identify to the contract conforming goods in its possession so that it can exercise the remedy of resale of the goods. The job is complete but Gary refuses to pay. The buyer can require the seller to give the buyer the goods covered by the contract, (1) Cancel the contract, (2) withhold delivery of undelivered goods, (3) Resell goods and recover damages, (4) recover lost profits, (5) Recover purchase price of goods delivered, (6) Reclaim goods in possession of an insolvent buyer, (1) Cancel the contract and recover damages, (2) buy other goods ("covering") and recover damages, (3) recover damages based on difference between contract price and current market price, (4) recover damages based on the difference of what the buyer got and what he/she should have gotten, (5) specific performance where goods are unique, International Relations, Chapters 9-10 & Conc, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson. They include expenses incurred for inspection, receipt, transport and custody of goods rejected rightfully as well as any other charges and expenses incident to the breach. Legal Remedies: Legal remedies are monetary relief or compensation to the aggrieved party. a. a bankruptcy in 2012 c. must still deliver the cars because its contract predated the recall and ban. It would cost $2800 to change the trim - one-fifth the total cost of the pool. \end{array} & \text { Education } \\ Suppose Bill steals Amy's trade secrets and forms his own software company. a. duress was clearly involved. a. expenses reasonably incurred in inspection of rightfully rejected goods. c. the difference in the cost of the goods. Rose, a minor, purchased a new car from Sheehan Buick for $5,000. In building the $562,000 cabin, the builder discovered that it had to put the vent for the heating system in the area where the hall closet is located. Whether there can be a pledge across country borders. Military obligations c. valid if reasonable in time and geographic scope. Massey Fabrications sells some equipment to Keiser Co., warranting its suitability for Keiser's purpose. \end{array} & \begin{array}{c} If the seller has failed to comply with Code requirements in making a resale of goods that were wrongfully rejected, a good faith purchaser at the resale takes the goods subject to rights of the original buyer. b. Cindy wishes to file suit to collect the $2,000. A buyer who does not cover is precluded from consequential damages that could have been prevented if the buyer did obtain cover. Brianne wants to find an explanation for the behavior of her lab rats in her study. Consequential Damage and Incidental Loss. The Windsors also agree to pay a carrying charge for the payments of $250.00. income tax rate) and showing earnings per share figures (200,000 shares outstanding). c. recover incidental damages. Material has just sold the business to Phil Forma. Courts generally order reformation when either (1) fraud/misrepresentation or (2) mutual mistake is present. returned to the Autoplex for her money. B: What are reliance damages here? What are general damages? b. substantial performance. He has begun writing wills to see him through this time of crisis and is charging $200 per will. amount to be purchased. d. none of the above, A minor's right to disaffirm a contract is conditioned on: Yes. Which of the following statements is true? a. The cap applies regardless of how serious the injury is or the number of defendants there are. Rose later, while still a minor, elected to disaffirm the purchase and notified Sheehan of her decision. Keiser can recover $17,000 in consequential damages. b. Krieg could recover the fees since the licensing after the bar exam is simply to raise funds. Which of the following statements is true? b. second mortgages on homes. Where the buyer has accepted the goods. c. Withholding delivery and suit to recover incidental and consequential damages. The Code's remedies are cumulative unless under the facts of an individual case one remedy bars another. 1. It falls within the bankruptcy meaning - but not the Code's definition - of insolvency. d. all of the above, The Fair Credit Reporting Act applies: \text{Earnings per share} & \underline{\underline{\$\hspace{25pt}2.09}}\\ c. "There is no merger pending for the company. d. none of the above, Contracts with illegal subject matter are: d. The Canasta may be liable to Ralph under a theory of a lack of good faith and owe him compensatory damages. Alimony, child support, student loans, & taxes, The assurance of payment in international contracts; gives a title to controlled goods, SHRM CP - Organization - Employee and Labor R, SHRM CP - Competencies - Relationship Managem, Exam 4 (Immunology) - Ch. Which of the following is true?a. Dana Riley purchased a home in the Brentwood area of Los Angeles. c. recover no suits since it had been more than 10 days since delivery. Who is covered under the Fair Debt Collections Practices Act? return item. a. The Code's remedies are cumulative, therefore, a seller may both withhold delivery of the goods and identify goods to the contract. Sue and Kevin Kellman signed a contract for the construction of a cabin near Pinetop. c. the seller is insolvent. c. both a and b verification of debt. Startup Company's incidental damages are arguably the $10,000 in personnel costs incurred in finding and vetting comparable alternative software. b. Jones wins; Perry can only cancel if installation is also delayed two months. These expenses may be awarded in a civil lawsuit in addition to the award of compensatory damages. C. must still deliver the cars because its contract recover possession of them upon default the... 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