1-When HKP Inc. and Univon Inc. were drafting a sales contract, the contract document mentioned that if either of the parties had to breach the contract, they were liable to pay $30 million dollars to the injured party. This is an example of _____.a. liquidated damagesb. equitable chargesc. slotting allowancesd. social costs2-Warranty rights for a good extends to third parties if they have been:a. subjected to monetary loss due to unforeseeable misuse of the good.b. insured by the seller.c. injured by the good, even after using it reasonably.d. identified in the sales or lease contract as a beneficiary.3-When nonbreaching buyers or lessees obtain specific performance under the Uniform Commercial Code (UCC), the sellers or lessors:a. are free from their contractual obligations.b. lose their legal capacity to enter into contracts in the future.c. are required to pay for the substitute goods.d. have to deliver the particular goods identified in the contract.4-When a seller sues a buyer for the breach of a sales contract to get the benefit of the bargain, and nothing more, courts typically:a. revoke the legal capacity of the buyer to enter into contracts in the future.b. mandate the buyer to pay the opportunity cost incurred by the seller.c. ask the buyer to resell the goods on behalf of the seller.d. grant damages to recover the purchase price.5-To invoke implied warranty of merchantability in a sales or lease contract, the:a. buyer should prove that he or she is a merchant.b. purchaser must have purchased or leased the good from a merchant.c. goods purchased or leased should be worth $5,000 or more.d. seller should have transferred a void title to the buyer.6-When the buyer in a sales contract is in breach, sellers are allowed to sell the goods to another buyer or dispose of the goods under the Uniform Commercial Code (UCC). Which of the following is true of the liability of the buyer under these circumstances?a. UCC allows the seller to recover only the incidental damages.b. UCC allows the seller to recover the difference between the resale price and the contract price, minus the profits the seller makes from the resale.c. UCC allows the seller to claim the difference between the original contract price and the profits made through resale.d. UCC allows the seller to recover the difference between the resale price and the contract price, plus incidental damages and minus expenses saved.
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