Sounds like Legalese to me
Condition that exists when one party has failed to perform their obligation under the contract
What is a Breach?
In what condition did General Motors sell the product to Acme?
What is "As Is?"
The buyer, Fred Meyer, purchased dining room tables from the manufacture for $5,000 down, and an additional $10,000 upon delivery. However, the manufacturer breaches the contract and will not deliver the tables. How much money is Fred Meyer entitled to from the seller?
What is $5000 (the down payment / the cost of holding the goods)?
What is it called when a seller delivers goods that are defective?
What are Nonconforming Goods?
Goods that fail to match what was bargained for in the contract
What are Non-Conforming Goods?
What type of goods were involved in the transaction between General Motors and Acme Refining Company?
What is Scrap Metal?
Name one example of an incidental damage that may be incurred at any point when a buyer breaches contract?
What is holding goods that were wrongly rejected, insurance, shipping, and advertising for resale?
The buyer of an antique and rare car is suing the seller for failing to deliver. To obtain the car, the buyer would request?
What is Specific Performance?
Judicial actions taken by courts that are intended to compensate an injured party in a civil lawsuit
What are Remedies?
In the General Motors vs Acme case, who did the court side with?
The seller manufactures 100 branded golf clubs for $10 each to the buyer, Nike. However, after the clubs have already shipped, Nike breaches the contract. How much can the seller sue Nike for?
What is $1000?
A seller never delivers the goods and breaches. If the buyer has to pay higher shipping expenses due to the breach, these may be recovered as?
What are Incidental Damages?
Damages that the parties expressly define in the contract and agree will compensate the non-breaching party
What are Liquidated Damages
What did Acme ask GM to do instead of clearly reject the goods?
What is reduce the purchase price?
A seller breaches contract on a good that cannot be obtained anywhere else in the market. What remedy can the buyer sue for?
What is specific performance?
A remedy a seller can obtain only during the time period before the buyer accepts the goods is know as?
What is stopping the delivery of goods?
Before performance, party says or does something that is inconsistent with his performance duties
What is Repudiate?
How many tons were removed by Acme from the GM facility before Acme deemed the materials as contaminated?
What is 850,000 tons?
The buyer, Grocery Outlet, breaches contract with Tillamook Ice Cream, the seller. What should Tillamook Ice Cream do with the product that they did not sell to Grocery Outlet?
What is sell the ice cream to another buyer at fair market price?
John accepts a car he purchased. After a month he realizes the car is not working properly and sends the car back to the seller. This is called?
What is Revoking Acceptance?