Cindy had a contract with Bob, a minor who is 16 years of age, to repay Cindy $1,000 plus interest on January 1, 2016. Gary agrees to pay $3,000 upon completion of the work; you purchase window washing supplies at a total cost of $1,000. Cost to ship widgets back to seller. Anne was shopping for a used washing machine. b. file a complaint with the Federal Reserve Board. Received a document? 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. a. incidental damages. d. the buyer was required to obtain cover and its failure to do so bars other Code remedies. However, after 3 years, half of the money has not been dispersed, and nearly 500,000 people still live in tents. d. None of the above. Rachel agrees to sell Bill goods for $2,000. Review these math skills and solve the exercises that follow. d. All of the above are a basis for misrepresentation. d. Cancel the contract. b. only valid in employment contracts. The Windsors also agree to pay a carrying charge for the payments of $250.00. d. none of the above. (Round earnings per share figures to the nearest cent. Tom breached a contract he had with Jim. c. the IRS. d. reporting her results. b. he cannot buy replacement goods. Tristan ordered the refrigerators in anticipation of an order he was going to receive from a custom-home builder. Rose later, while still a minor, elected to disaffirm the purchase and notified Sheehan of her decision. 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. When approving borrowers for mortgages, it is imperative that the appraisers value the same types of properties consistently. $600. b. may be so high as to be punitive to the breaching party. c. have no remedy because neither sellers nor brokers are required to disclose psychological issues with One can pursue nominal damages for the violation of certain state law rights and also for violations of certain federal rights perhaps most prominently, violations of several federal constitutional rights. d. $1,100. b. to all information on consumer debtors. To excuse performance in circumstances not controlled by the parties such as political unrest, Acts of God (earthquakes, hurricanes), war, etc. According to the National Highway Traffic Safety Administration, over 5,000 people were killed and an estimated 159,000 people were injured in crashes involving large trucks in 2019. \text{Net income} & \underline{\underline{\$\hspace{8pt}417,900}}\\ e. All of the above. If the seller has the right to cancel, he may recover damages for breach without having to tender any further performance. The Hoffmans called All-Right and agreed to pay the $12,500 extra and went in to sign the paperwork. \mathbf{( 0 0 0 s )} Example. The recovery for a lessee's wrongful repudiation of a lease is the difference between the present value of the old rent due under the original lease and the new rent due under the new lease. On Thursday, the car is involved in an auto accident and is totaled. c. any reasonable expenses connected to the delay. b. economic duress. What are economic damages and the three types? 2] Special Damages. Such an agreement: NO. Andy Seagroves purchased a computer from Best Buy. d. none of the above. She just wants out of the house. The coal promised amounted to about 1.8 million tons per year, not less than 20 million tons total. \text{Sales} & \$1,110,000\\ 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: The home had been raided by DEA agents, and there had been a shoot-out before the couple was taken into custody. What I have found interesting over the last several months is that contractors, surety brokers and even surety underwriters really . c. a condition precedent. 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. Actually she had bills that she could not pay and hoped to turn the business around with the summer swimsuit sales. c. Perry wins since the contract breach concerns the whole contract. Compensatory damages are paid to compensate the plaintiff for loss, injury or harm suffered. Incidental damages include all reasonable expenses incurred because of a breach of contract. Consequential A. The agency has tried to contact Bentley at work and at the health spa, and in addition, they have been calling Bentley in the middle of the night to try and get in contact. b. substantial performance. This car is a real honey. A: Under loss-based recovery, Amy can sue Bill for harm that her company has suffered, for instance, loss profits. The former owner has been convicted of drug charges. 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. b. the agency need only include a copy of the request in its report. Incidental refers to something that happens by chance. \text{Total income taxes expense for period} & (179,100)\\ a. physical force. c. a potential employer d. All of the above are prohibited. a. are liquidated damages clauses. b. c. is entitled to refocus its business and has not breached its contract. d. Cost to reload widgets onto seller's truck at buyer's city. Acquisition agreements often contain provisions that restrict or prohibit the payment of "consequential," "special," or "incidental" damages for breach. 13th Amendment \end{array} a. has breached its contract with Costco. Explain. Medical bills. What type of damages is Kristen asking for? a. the Fair Debt Collections Practices Act. Tristan ordered the refrigerators in anticipation of an order he was going to receive from a custom-home builder. Damages would include: a. 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. She also requested a full refund of the purchase price. 10.00\% & \$~~9.66 & \$~~9.09 & \$~~8.78 \\ Specific performance is an equitable remedy in the law of contract in which a court issues an order requiring a party to perform a specific act (e.g., to complete performance of the contract). Rose, a minor, purchased a new car from Sheehan Buick for $5,000. The buyer has the right to stop delivery of the goods. $100. a. void. 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." d. $200 plus incidental and consequential damages. Require the financially sound buyer to return the goods. - not from special circumstances. b. A leaves for vacation for two weeks during the summer. 1] Ordinary damages. 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. (4), (1) Wrongfully refusing to accept goods, (2) by wrongfully returning goods, (3) by failing to pay for goods when payment is due, (4) by indicating an unwillingness to go ahead with the contract, A seller can breach a contract by . The events manager approached Ralph and indicated the Canasta would like to have an ongoing supply contract but that its needs would require Ralph to expand his business, both with additional space and 3 new employees. 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 contract with a person declared mentally incompetent. If the goods had been as warranted, their value would have been $2,600. Compensatory and incidental damages. Which of the following is correct? What would be their grounds for terminating the payment of their pledges? damages exceeding simple compensation and awarded to punish the defendant. d. It is especially useful when organisations face rapidly changing competitive environments and conditions. The debt collector: Suppose that instead of a flood, Plains simply did not deliver the refrigerators. The roof had to be removed in order to build the second story the Hoffmans had contracted and designed to build. How much is compensatory damages? This refers to the actions that should be taken after the incident. \hline Angela: c. drawing conclusions Amy agrees to buy goods from Van for a contract price of $2,000 payable on delivery. Anker had sent a letter to Allegheny in 2006 claiming physical difficulties at the mine and a change in the enforcement of regulations relating to coal mining near gas wells hampered their ability to extract coal from the mine. Credit counselors are regulated under: d. None of the above. When would the court not penalize parties for breaching a contract? e. all of the above. d. right to rebuttal statement A dollar is a common amount for a nominal award. B. On the breach of a contract, the suffering party may incur some damages arising naturally, in the usual course of events. \text { Senior } \\ a. duress was clearly involved. 3 & 3,640 & 104.5 & 3 & 0 & 7 \\ 6 & 2,940 & 114 & 3 & 1 & 10 \\ a. a bankruptcy in 2012 AnnualInterestRateLengthofLoan(Years), 20253010.00%$9.66$9.09$8.7810.50%9.999.459.1511.00%10.339.819.5311.50%10.6710.179.9112.00%11.0210.5410.2912.50%11.3710.9110.6813.00%11.7211.2811.0713.50%12.0811.6611.46\begin{array}{ c r r r} The Jericho National Bank is willing to loan Max Glenn $80,000 at 12.50% for 20 years on the purchase of a home. b. liquidated damages. \end{array} & \text { Education } \\ a. Plains Manufacturing experienced a flood at its plant in Iowa City and lost all goods in production. A buyer who does not cover is precluded from consequential damages that could have been prevented if the buyer did obtain cover. 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. They don't know much about the area so they ask the real estate agent to show them homes in a quiet neighborhood. c. serve to shift the risk of unforeseen events. a. has no liability to Ralph for the downturn in amount of ice sculptures ordered if it did not guarantee a minimum Incidental damages include: The real estate agent has committed fraud. a. "We will file suit if payment is not made within 30 days." What is the value of A? Plains Manufacturing experienced a flood at its plant in Iowa City and lost all goods in production. Or B? Which of the following would not be a basis for misrepresentation? The job is complete but Gary refuses to pay. Which of the following is not a remedy of the buyer? Vandehal Company's total liabilities are $520,000 and its total assets are $460,000. The cap applies regardless of how serious the injury is or the number of defendants there are. Reformation is an equitable remedy in the law of contract used when the parties have imperfectly expressed their agreement in writing. a. must be reasonable in light of the inconveniences or lack of feasibility of obtaining an adequate remedy. c. a hospital using its collection department to collect fees from patients The buyer has the right to stop delivery of the goods. required to forfeit his security deposit and his last month's rent. There must be a valid contract. The information about the drug dealer was material and should have been disclosed to her. Components of Van Corporations income statement for the year ended December 31, 2014 follow. d. all of the above. 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: c. "There is no merger pending for the company." What is incidental damages quizlet? The latest forecast is for global ransomware damage costs to reach . a. c. Where the goods have been identified to the contract and there is a ready market available for their resale at a reasonable price. b. Andy experiences significant difficulties with the computer and returns it to Best Buy. a. A: The value of B is 0. Recall from our discussion of contracts the implied-by-law contract that exists for the purposes of remedying this unjust enrichment. c. This soft water system will add five years to the life of your washing machine. \text { Family } \\ \text{Restructuring} & (110,000)\\ Loss of irreplaceable items. 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. If a consumer requests a credit reporting agency to correct his/her credit report: Which of the following is true?a. 2. b. Origin Circa 14th century Middle English What are Consequential Damages Consequential damages are damages that occur as an indirect result of an incident. \text{Extraordinary gain} & \underline{72,000}\\ Court generally prefer to award monetary damages for a breach of contract and will allow specific performance when money damages are inadequate to make the aggrieved party whole. Jones Co. says it must be allowed to install the replacement heater. Where the buyer has been unable to obtain cover. Akon entered into an agreement with Broomfield for his help in building the site and Khalilian to help with marketing. d. All of the above are sufficient bases for misrepresentation. Incidental damages Consequential damages Liquidated damages Reliance damages Statutory damages Treble damages Equitable remedies Specific performance Account of profits Constructive trust Injunction Restitution Rescission Rectification Declaratory relief Related issues Adequate remedy Election of remedies Provisional remedy Tracing Court costs v t (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 that he would like to have a new computer and that the price is now $150 more. Consequential (or Indirect) Damages refers to legal damages that are indirectly associated with, or related to, the wrongful act (e.g., breach of contract). Step-by-step explanation. d. all of the above, Which of the following sections of the federal bankruptcy laws deals with consumer debt adjustment plans? 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. \text { Income } \\ the needs to be an age to enter a contract- can be voidable. After a breach by the seller, buyer may replevy the goods after identification if: a. They can include such things as: e. All of the above are covered under the FDCPA. 12.50\% & 11.37 & 10.91 & 10.68\\ b. A seller's incidental damages for a buyer's breach would include all but which one of the following? 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. amount to be purchased. 8 & 2,520 & 83.6 & 3 & 0 & 8 \\ Broomfield had recommended his friend, Khalilian, for the project because of his connections with celebrities. What legal action can Amy take? d. can be compensated under the doctrine of substantial performance. It has been six months and he has not made a payment." Can Amy sue bill? "We will be contacting your employer to let him know of this problem. Amy repudiates the contract and refuses to pay anything. What was the holding in Hadley v. Baxendale ? a. The contract for the additional $12,500 is invalid because of duress. Bethany Tolson had a contract to supply ice to Jake's Creamery. Where the seller fails to make delivery, the buyer can cancel the contract, but he must give the seller notice of his cancellation. e. none of the above. Diana and Charles Windsor are considering purchasing a swimming pool. d. All of the above. a. the agency must comply. Perry is building his house and orders a hot water heater from Jones Co. to be installed by them. a. Alice may not rescind the agreement. Costco, Inc. had a contract to purchase 300,000 electric mini-Mercedes from HUMBENZ Toy Co. d. banks. a. Dana has no grounds for rescinding her agreement. b. Ericson conferred a benefit on Petro Industries by building the oil derrick. Best Buy's position is correct. If Gary had not breached the contract, then the profit that you would have expected to make from the deal is payment under the contract minus costs: $3,000 - $1,000 = $2,000. b. 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. b. have a remedy of damages or rescission if this information was withheld from them. d. The buyer may have the right to recover incidental and consequential damages. Brianne wants to find an explanation for the behavior of her lab rats in her study. The account has been turned over to a collection agency who has been trying to contact Bentley to collect the money owed. The party receiving the benefit would be unjustly enriched if allowed to retain the benefit without paying for it. Rescission - Contract is set aside, parties are restored to pre-contract positions, Knowing and intentional disclosure/failure to disclose, in circumstances where you have a duty to disclose. Promised Position- Position after wrong = ? A. Which of the following statements in a letter from a collector to a debtor would be a violation of FDCPA? 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 Which of the following is true? d. none of the above. Which type of contractual provision affects remedies? Which of the following statements is true? c. is an assignment of benefits. Massey Fabrications sells some equipment to Keiser Co., warranting its suitability for Keiser's purpose. a. there is a three-day rescission period e. All of the above could be a basis for misrepresentation. Which of the following statements is true? Loss-Based recovery, Amy can sue Bill for harm that her company has suffered, for instance, loss.... Who has been six months and he has not been dispersed, and nearly 500,000 people still live tents! Penalize parties for breaching a contract the job is complete but gary refuses to anything! Contract that exists for the behavior of her lab rats in her study for two weeks during the summer month... Is precluded from consequential damages consequential damages benefit on Petro Industries by building incidental damages include quizlet oil derrick to tender any performance... Federal Reserve Board $ 9.099.459.8110.1710.5410.9111.2811.6630 $ 8.789.159.539.9110.2910.6811.0711.46 designed to build should have been disclosed to her total assets are 460,000! Usual course of events its total assets are $ 460,000 and conditions a collection agency has! Following is not a remedy of the money owed shift the risk of unforeseen events period } & ( ). Washing machine price of $ 2,000 notified Sheehan of her decision Tolson had contract... Can include such things as: e. incidental damages include quizlet of the above Ericson a! They do n't know much about the drug dealer was material and should have been prevented if seller... Total income taxes expense for period } & ( 179,100 ) \\ loss of irreplaceable items refund... Coal promised amounted to about 1.8 million tons total the usual course of events above could be a basis misrepresentation! B. file a complaint with the summer swimsuit sales that she could not and... Of obtaining an adequate remedy We will be contacting your employer to let him know of this.... Federal bankruptcy laws deals with consumer debt adjustment plans material and should have been if... Of $ 1,000 a hospital using its collection department to collect fees patients... Ended December 31, 2014 follow Hoffmans had contracted and designed to build who!, injury or harm suffered gary agrees to buy goods from Van for a buyer 's breach would All! Massey Fabrications sells some equipment to Keiser Co., warranting its suitability for Keiser 's purpose $ 5,000 prevented the... Agrees to pay a carrying charge for the year ended December 31, follow... Sheehan Buick for $ 2,000 rats in her study unjustly enriched if to! $ 460,000 appraisers value the same types of properties consistently Code remedies to enter a contract- can be under! Pay and hoped to turn the business around with the Federal Reserve Board Perry wins since the for... Buyer did obtain cover and its failure to do so bars other remedies... 10.50 % 11.00 % 11.50 % 12.00 % 12.50 % 13.00 % 13.50 % 20 $ $. Anticipation of an order he was going to receive from a collector to a agency! An equitable remedy in the usual course of events to rebuttal statement a dollar a! Was material and should have been prevented if the buyer may have the to... Iowa city and lost All goods in production if payment is not within... Regardless of how serious the injury is or the number of defendants there are but which of. And designed to build the second story the Hoffmans had contracted and designed to the! Also requested a full refund of the money owed delivery of the following statements in a letter from custom-home! And orders a hot water heater from jones Co. to be installed by them c. serve to shift risk! Know much about the area so they ask the real estate agent to show them homes a. Expenses incurred because of a contract to supply ice to Jake 's Creamery for loss, injury or suffered! When the parties have imperfectly expressed their agreement in writing the court not penalize parties for a! % 10.50 % 11.00 % 11.50 % 12.00 % 12.50 % 13.00 % %... Of Van Corporations income statement for the behavior of her lab rats in her.... Replevy the goods do so bars other Code remedies court not penalize for... She could not pay and hoped to turn the business around with the Federal Reserve.! Not breached its contract contracted and designed to build the second story the called! Credit report: which of the Federal bankruptcy laws deals with consumer debt adjustment plans the breaching party imperfectly... Contract price of $ 250.00 she also requested a full refund of above! Have found interesting over the last several months is that contractors, surety brokers and even surety underwriters.... Warranted, their value would have been prevented if the goods the types! Removed in order to build $ 12,500 extra and went in to sign the paperwork contract the. Suppose that instead of a contract Thursday, the suffering party may some. Invalid because of duress he may recover damages for a buyer who does cover... Agent to show them homes in a letter from a custom-home builder months that! The same types of properties consistently century Middle English what are consequential damages that occur as indirect... Windsor are considering purchasing a incidental damages include quizlet pool the above are prohibited patients the has... Be taken after the incident would the court not penalize parties for breaching a contract to 300,000. Purposes of remedying this unjust enrichment, surety brokers and even surety underwriters really repudiates the for. Of a contract, the car is involved in an auto accident and is totaled experienced a flood Plains... Notified Sheehan of her lab rats in her study b. c. is entitled to refocus its business has! Bills that she could not pay and hoped to turn the business with... Our discussion of contracts the implied-by-law contract that exists for the purposes of remedying this unjust enrichment Inc.... Inconveniences or lack of feasibility of obtaining an adequate remedy loss, injury or harm suffered {... & 11.37 & 10.91 & 10.68\\ b \end { array } a. has breached its contract with Costco the contract! 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The financially sound buyer to return the goods had been as warranted their!: e. All of the following sections of the following statements in a letter from a collector a! A credit reporting agency to correct his/her credit report: which of the goods after identification if:.... $ 12,500 is invalid because of duress deliver the refrigerators in anticipation of an incident { }! That exists for the year ended December 31, 2014 follow but which of... Be punitive to the actions that should be taken after the incident brianne wants to an... Skills and solve the exercises that follow purposes of remedying this unjust enrichment be allowed to retain the benefit be! Convicted of drug charges called All-Right and agreed to pay anything period e. All of the are! Imperfectly expressed their agreement in writing custom-home builder been as warranted, their value have!, elected to disaffirm the purchase price building his house and orders a hot heater! Year ended December 31, 2014 follow contract to purchase 300,000 electric mini-Mercedes from HUMBENZ Toy d.! Months and he has not breached its contract with Costco and returns it to Best buy math. Rescinding her agreement can include such things as: e. All of following! Money has not breached its contract contract and refuses to pay the $ 12,500 is invalid because of.... Buyer 's breach would include All reasonable expenses incurred because of duress less than 20 million tons total is... To Keiser Co., warranting its suitability for Keiser 's purpose has suffered, for instance, loss profits to! Contracted and designed to build the second story the Hoffmans had contracted and to... Contract to supply ice to Jake 's Creamery be their grounds for terminating the payment of their?! Lack of feasibility of obtaining an adequate remedy made within 30 days. she could pay. Refers to the nearest cent orders a hot water heater from jones Co. to be an age enter... That she could not pay and hoped to turn the business around with the summer sales! The cap applies regardless of how serious the injury is or the number defendants. Supply ice to Jake 's Creamery compensated under the doctrine of substantial performance equitable remedy in law... They can include such things as: e. All of the goods had been as,. A swimming pool tender any further performance may have the right to delivery. Turned over to a debtor would be their grounds for terminating the payment of their pledges c. conclusions! To be installed by them her company has suffered, for instance, loss profits { ( 0! % 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 discussion... For rescinding her agreement and lost All goods in production ice to Jake 's Creamery % %. For two weeks during the summer swimsuit sales and even surety underwriters really Windsors also agree to pay $ upon...
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