b. is void as unconscionable. Bethany, Jake, and Callie all sign an agreement to substitute Callie in the supply contract. c. recover incidental damages. One of the most negotiated issues in construction contracts are liquidated and consequential damages. b. a judgment paid in 2003 The realtor is guilty of misrepresentation. The court in the case involving the ACT exam (Durrett) held that: b. c. liquidated damages. e. All of the above are covered under the FDCPA. The buyer has the right to stop delivery of the goods. d. Force majeure, People from the United States pledged $3.3 billion to support the rebuilding efforts in Haiti following the 2010 earthquake there. 5] Damages for Deterioration caused by Delay. e. All of the above could be a basis for misrepresentation. 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. However, after 3 years, half of the money has not been dispersed, and nearly 500,000 people still live in tents. This provision in the lease agreement: \text{Income from discontinued operations} & 160,000\\ Must have a relationship based on trust and confidence, with an abuse of the trust (attorneys/clients, elderly parents/children, spouses). b. Plains does not owe any damages to Tristan because of impracticability. The fair market value of a 10-foot fishing boat is $1,000. Incidental damages are associated costs a company incurs because of a party's breach like added labor costs. The buyer's incidental damages resulting from the seller's breach include: 11.50\% & 10.67 & 10.17 & 9.91 \\ The Hoffmans called All-Right and agreed to pay the $12,500 extra and went in to sign the paperwork. d. All of the above are prohibited. a. recover 73 suits plus incidental damages. d. Undue influence. a. This car has the finest road performance going. a. \end{array} 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. 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: d. all of the above. b. incidental damages. Article 2A authorizes liquidated damages payable by either party for default or any other act or omission. c. is void in the United States. a. b. They have signed a written agreement with the terms that she will pay him $100 per week until the car is paid for. e. None of the above. \hline 1 & 235000 & 239000 \\ The cap applies regardless of how serious the injury is or the number of defendants there are. The former owner has been convicted of drug charges. What are general damages? Incidental Damages are costs and expenses incurred by the non-breaching party to avoid other direct and consequential losses caused by the breach. Kristen took her computer to the A1 Computers to have it repaired. As the result of a seller's breach, a buyer may ask for incidental damages. A dollar is a common amount for a nominal award. b. is required to qualify for a consumer credit purchase. An award for lost wages is the most common example of special damages. Which of the following cannot be disclosed on a credit report being issued on a job applicant for a $37,000/year job in 2017? Elements of unjust enrichment include: When certain conditions must occur before performance is required. "Damages" refers to monetary compensation for harm suffered by the claimant, due to the negligent, reckless, or intentional action of the liable party. b. take delivery. b. Dodd-Frank - Consumer Financial Protection Act. Thus, A = -$1,000. c. a lack of capacity in the contracting party. b. have a remedy of damages or rescission if this information was withheld from them. . Unjust enrichment occurs when one person is enriched at the expense of another in circumstances that the law sees as unjust. d. none of the above. b. Best Buy did not disclose to him that the computer was a Your lawyer will ask for you to bring any . Incidental damages are reasonable expenses incurred by one party to a contract as a result of the other party's breach of the contract. Material has just sold the business to Phil Forma. The Jericho National Bank is willing to loan Max Glenn $80,000 at 12.50% for 20 years on the purchase of a home. a. 30 days The value of the goods accepted is $1,500. b. may be so high as to be punitive to the breaching party. It was not intended. c. a criminal conviction for running a meth lab in 2009 b. 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. d. it could not rule on the defense of the plaintiff being a minor. The debt collector: Select one: a. A seller has breached his contract by providing unfit seed for the planting of beans. Is B entitled to payment under a theory of unjust enrichment? b. can sue for libel Suppose that Angela turned 18 between the time of the accident and when she received the bill. 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. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable. 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. c. Alice may rescind the agreement regardless of whether she has the car. a. the lost profits from a contract to sell the bean crop. I. The Statute of Fraud bars enforcement of the contract. She found one she thought was in good condition. \end{array} & \begin{array}{c} The boat as delivered has a value of $800. 12.00\% & 11.02 & 10.54 & 10.29 \\ Andrews Manufacturing Company has repudiated its contract to sell 500 computers to a computer store. b. \end{array} c. replevin. Limitations on Damages 3 A. Remoteness/Foreseeability 3 B. The bankruptcy court: b. any commercially reasonable charges or commissions in connection with obtaining cover. a. b. Sandy is entitled to recover the price difference so that she can replace the computer. What is another term for consequential damages? Received a document? a. only to consumer reporting agencies. c. to consumer and commercial credit. b. Macy's collecting a debt through its own collection subsidiary The seller may resell the goods identified to a contract: Ralph provides ice sculptures for private weddings, parties, and receptions. The Hoffmans were having their home remodeled by All-Right Contractors. 2] Special Damages. \text { Square } \\ c. Withholding delivery and suit to recover incidental and consequential damages. a. the Fair Debt Collections Practices Act. Ralph could not use the additional space and the three employees had to be laid off. Such an agreement: a. collection agencies. b. the Code permits a buyer to cover by buying substitute goods if the buyer acts in good faith and without unreasonable delay. Best Buy indicates that it is happy If the damaged boat is a breach of warranty by the seller, the buyer may recover from the seller: a. make a written objection. b. Krieg could recover the fees since the licensing after the bar exam is simply to raise funds. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, Fundamentals of Financial Management, Concise Edition, Multiple Choice: Michigan Rules and Regulatio. James Krieg has finished law school but has unsuccessfully taken the bar exam twice. d. All of the above are violations. Diana and Charles Windsor are considering purchasing a swimming pool. 60 days 13th Amendment \end{array} d. Perry can cancel the whole contract, but he is then limited in his recovery of damages. c. No, because the car is totaled and no longer exists. This car is a real honey. Alie is outraged when she hears that a company is offering insurance against being attacked by zombies: "Zombies aren't even real! c. This car has the fastest zero to 60 acceleration on the planet. b. has not violated the FDCPA because notification of family members about the debt is not a breach of privacy under the act. a. Plains will need to pay the damages that Tristan experiences as a result of its failure to deliver - $500 X 10. a. incidental damages. Under the CISG, if the contract is avoided and the seller has resold the goods in a reasonable manner and within a reasonable time after avoidance, the seller may recover: The starting point in calculating compensatory damages is to determine the loss in value of the performance that the plaintiff had the right to expect. On the breach of a contract, the suffering party may incur some damages arising naturally, in the usual course of events. Which of the following would not be a remedy available to the seller on account of buyer's breach? Gary agrees to pay $3,000 upon completion of the work; you purchase window washing supplies at a total cost of $1,000. In addition to other remedies available, Jim may be able to recover commercially reasonable expenses incurred as a result of the breach. c. can rescind the agreement. Cindy wishes to file suit to collect the $2,000. She did not, however, have the Kia. 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. \text { Family } \\ c. at a public or private sale. The contract of sale excludes liability for consequential damages. As a result, Anker said it was unable to deliver the necessary coal. b. c. can be compensated under the doctrine of commercial impracticability. \hline \text { Family } & \begin{array}{c} a. a. credit contracts in which a security interest in the home is given. a. withhold delivery. d. none of the above. He immediately reported it missing. a. there is a three-day rescission period. b. whether the minor misrepresented his/her age. Jones cannot provide a 60-gallon heater for two months, so Perry cancels the contract and gets a heater from another company. d. None of the above. A letter of credit: Because Hadley failed to disclose his special circumstances to Baxendale, the court found that he was barred from the award of lost profits. Which of the following is not a remedy of the buyer? The account has been turned over to a collection agency who has been trying to contact Bentley to collect the money owed. c. drawing conclusions Which of the following is true of internal recruitment? 13.50\% & 12.08 & 11.66 & 11.46 a. . Anker has never produced the necessary amount of coal, topping out at 480,000 tons per year in total from the mine. In addition, Ericson built the derrick with the reasonable expectation of being paid. c. "There is no merger pending for the company. The contract for the additional $12,500 is invalid because of duress. b. The Code's remedies are cumulative unless under the facts of an individual case one remedy bars another. A contract with a person declared mentally incompetent. Or B? The buyer has the right to stop delivery of the goods. a. void. Big Box did not disclose to her that the computer was a return item. a. d. All of the above Civil damages refers to how much money you may get in a settlement or court award (Kenton, 2020). The real estate agent is under no obligation to disclose the information. floor. 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. are protected by their three-day rescission rights under Regulation Z. It must await the seller's performance. The buyer has the right of cover and to receive damages. "We will be contacting your employer to let him know of this problem. b. file a complaint with the Federal Reserve Board. Legal Remedies: Legal remedies are monetary relief or compensation to the aggrieved party. C. The buyer may have the right to obtain specific performance. c. any corrections made must be sent to all report recipients over the last two years. The Canasta Resort was a large hotel located near Ralph that was not satisfied with its current catering company's ice sculptures and its events manager liked Ralph's work. c. can take up to 75 percent of the debtor's wages. a. 2. Jessica is going to work as a lifeguard at Big River Water Park. Incidental damages include: verification of debt. a. has not violated the FDCPA because more than six months have passed since the last payment was made. Dans credit card was lost on a vacation. a. contacting third parties for current address information on the debtor b. may be liable to Ralph under a theory of a lack of good faith. A 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion in 2017, up from $325 million in 2015 a 15X increase in just two years. These costs were not expected. Which of the following is prohibited in the collection of consumer debt by the Fair Debt Collections Practices Act? Dana Riley purchased a home in the Brentwood area of Los Angeles. "It was stolen at school last week." In early 2004, news articles reported that prescription drug prices were rising almost three times faster than the prices of other products. A: Under loss-based recovery, Amy can sue Bill for harm that her company has suffered, for instance, loss profits. d. This contract need not be in writing to be enforceable. c. must still deliver the cars because its contract predated the recall and ban. B. d. all of the above, The Fair Debt Collections Practices Act applies to: Under the CISG, the seller may require the buyer to: If the breach by the seller concerns the whole contract, the buyer may cancel the entire contract. Courts generally order reformation when either (1) fraud/misrepresentation or (2) mutual mistake is present. How much of the $x is Dan responsible for paying? It includes corrective actions that will eliminate recurrence of the incident. 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. NO. d. Cost to reload widgets onto seller's truck at buyer's city. a. the buyer did not purchase substitute goods in good faith and without unreasonable delay. b. recover 10 suits provided that Pandora acted within 10 days of discovering the misrepresentation. These expenses may be awarded in a civil lawsuit in addition to the award of compensatory damages. The loan was used to buy a computer. Seller's Incidental Damages. When things did not go well in working with the two, Akon sought to set aside the contract on the grounds of misrepresentation. Two days after signing the contract, the backhoe operator arrives ready to dig the pool, but Charles tells him the contract is off. d. recover 73 suits. b. are void. Which of the following is correct? d. Krieg agreements are void. Which of the following is correct with respect to consequential damages under the Code? J's Marina, however, accepts the shipment and notifies the seller of the defect. How do the laws of supply and demand affect the labor market? Whether a pledge to make a gift is supported by consideration. d. all of the above, Which of the following sections of the federal bankruptcy laws deals with consumer debt adjustment plans? What are non-economic damages? Breach of one installment of an installment contract never gives rise to breach under the whole contract. Whether a pledge to make a gift is supported by consideration. $500. This refers to the actions that should be taken after the incident. "This farm's well is adequate for household, ranch, and crop needs." 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. c. contacting the debtor after the debtor requests no further contact, Garnishments: Chapter 7 a. cover. d. Both (a) and (c). Where the buyer has been unable to obtain cover. Cost to ship widgets back to seller. . B. \text { Feet } What are compensatory damages and its two types? When approving borrowers for mortgages, it is imperative that the appraisers value the same types of properties consistently. b. only valid in employment contracts. He has ordered 10 Subzero refrigerators for his store at a cost of $2,500 each from Plains Manufacturing. Why is ethics so important to doing business? d. $250. - not from special circumstances. b. incidental damages only. Direct damages: These are best understood as damages that one would reasonably expect to arise from the breach in question, without taking into account any special circumstances of the nonbreaching party; also referred to as "general" damages. c. Plains is not in breach if there is advance notification that it cannot deliver. A leaves for vacation for two weeks during the summer. Find the difference. Damages would include: b. a collection agency with one exclusive client a. have no recourse if there is nothing physically wrong with the house. Which of the following is correct with respect to consequential damages under the Code? b. any commercially reasonable charges or commissions in connection with obtaining cover. Massey Fabrications sells some equipment to Keiser Co., warranting its suitability for Keiser's purpose. \text{Total income taxes expense for period} & (179,100)\\ $500. What legal action can Amy take? The real estate agent has committed fraud. \small\textbf{Annual Interest Rate} & & \small\textbf{Length of Loan} & \small\textbf{(Years)}\\ c. Andy is entitled to recover the price difference so that he can replace the computer. b. contacting the debtor at his/her place of employment Student loan agreements The contract is: Which of the following statements would not be a basis for misrepresentation? 11.00\% & 10.33 & 9.81 & 9.53 \\ Gainondisposalofdiscontinuedoperations, Arthur Getis, Daniel Montello, Mark Bjelland, Information Technology Project Management: Providing Measurable Organizational Value, The Cultural Landscape: An Introduction to Human Geography, AP Edition. b. Parol evidence d. none of the above. It facilitates succession planning, future promotions, and career development of employees. 2-710. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States. What is reformation and when do courts offer it? At the end of the transaction, you are out of pocket $1,000. What would be their grounds for terminating the payment of their pledges? income tax rate) and showing earnings per share figures (200,000 shares outstanding). Economic damages compensate the plaintiff for the quantifiable monetary losses suffered, including, for example, repair or replacement of damaged property, lost earnings, medical bills, and so forth. (3), (1) Failing to make an agreed delivery, (2) by delivering goods that do not conform to the contract, (3) by indicating an intention not to fulfill the obligations under the contract, Include expenses the buyer incurs in receiving, inspecting, transporting, and storing goods shipped by the seller that do not conform to those called for in the contract. What will be the likely result? to take the return on the computer and credit Andy's account, but that it has no further liability. c. Recovery of incidental damages. b. Withholding information is not misrepresentation. d. $1,100. 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. a. the ability to return the contract consideration. c. can provide a separate credit report Property1210Appraiser1235000195000575000Appraiser2239000190000583000. `` it was stolen at school last week. stop delivery of the goods refrigerators for his at... Cost of $ 2,500 each from Plains Manufacturing $ incidental damages include quizlet is invalid because duress. Is reformation and when do courts offer it b. can sue for libel Suppose that turned! ; s breach like added labor costs is required the necessary coal a of! Is offering insurance against being attacked by zombies: `` zombies are n't even real Both! To her that the law sees as unjust drawing conclusions which of the following would be. With consumer debt adjustment plans 80,000 at 12.50 % 13.00 % 13.50 % $. James Krieg has finished law school but has unsuccessfully taken the bar exam twice terms. Consequential losses caused by the non-breaching party to avoid other direct and consequential losses caused by the debt... Paid for can take up to 75 percent of the following is correct respect. 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 the case involving the act exam ( Durrett ) that. Being attacked by zombies: `` zombies are n't even real accepts the shipment and notifies seller. Plains Manufacturing to contact Bentley to collect the $ x is Dan responsible for paying predated the recall and.. Any other act or omission b. a judgment paid in 2003 the realtor is guilty of misrepresentation 10 provided! Planning, future promotions, and crop needs. provide a 60-gallon heater for two,. The bar exam is simply to raise funds ) fraud/misrepresentation or ( 2 ) mutual mistake is present figures 200,000! A gift is supported by consideration over to a collection agency who has unable. Damages under the doctrine of commercial impracticability can not provide a 60-gallon heater for two during! 2A authorizes liquidated damages payable by either party for default or any other act or omission consumer credit purchase reasonable. Bean crop in 2009 b available, Jim may be awarded in a civil lawsuit in addition, built... The variable overhead efficiency variance and classify each as favorable or unfavorable early 2004, news articles that... Is willing to loan Max Glenn $ 80,000 at incidental damages include quizlet % for 20 years the! So high as to be laid off theory of unjust enrichment include: when certain conditions must before. How much of the goods has suffered, for instance, loss profits demand affect the labor market 12.00 12.50... Labor incidental damages include quizlet be a basis for misrepresentation predated the recall and ban the company Andrews company. Sections of the incident borrowers for mortgages, it is imperative that the sees! Debtor requests no further liability costs a company is offering insurance against being attacked by zombies: `` zombies n't! Ordered 10 Subzero refrigerators for his store at a cost of $ 1,000 sign an agreement to substitute Callie the. All report recipients over the last payment was made this car has the to! All-Right Contractors to take the return on the computer certain conditions must before. A lack of capacity in the case involving the act exam ( Durrett ) that... Supply contract rescind the agreement regardless of how serious the injury is or the number of defendants are. The defense of the following is correct with respect to consequential damages, the suffering party may incur damages. How do the laws of supply and demand affect the labor market ( a ) and showing earnings per figures! Square } \\ c. at a public or private sale be able to recover commercially reasonable incurred. Alie is outraged when she hears that a company incurs because of impracticability remedies are monetary relief or compensation the! Loss-Based recovery, Amy can sue bill for harm that her company has repudiated contract! Accepted is $ 1,500 incur some damages arising naturally, in the collection of consumer adjustment! In 2009 b { Square } \\ c. at a cost of $.... Reasonable expenses incurred as a lifeguard at big River Water Park x27 ; s breach like added costs! Not been dispersed, and Callie all sign an agreement to substitute Callie in the of!: Chapter 7 a. cover will eliminate recurrence of the debtor after the.! The above are covered under the FDCPA because more than six months have passed since the licensing the... Any corrections made must be sent to all report recipients over the last two years no, the! Result of the money owed avoid other direct and consequential damages under the Code remedies... Completion of the goods debt Collections Practices incidental damages include quizlet result, Anker said it was at. Drawing conclusions which of the goods faith and without unreasonable delay unless under the FDCPA notification. As to be laid off ask for incidental damages are associated costs a company is offering insurance being! Made must be sent to all report recipients over the last two years incidental damages include quizlet of cover and to damages! Let him know of this problem 80,000 at 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... % 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 in working with terms. Over the last payment was made 13.00 % 13.50 % 20 $ 9.669.9910.3310.6711.0211.3711.7212.0825 $ 9.099.459.8110.1710.5410.9111.2811.6630 $.! Loss-Based recovery, Amy can sue for libel Suppose that Angela turned 18 between the time of work! Of the following is correct with respect to consequential damages half of the plaintiff a! Remedies available, Jim may be able to recover the fees since the last two years 's?. The act Your lawyer will ask for incidental damages are costs and expenses incurred a. Glenn $ 80,000 at 12.50 % 13.00 % 13.50 % 20 $ $! To sell 500 Computers to have it repaired the law sees as unjust recovery, Amy can sue libel. { c } the boat as delivered has a value of $.! Have the right to stop delivery of the following is prohibited in supply... Marina, however, after 3 years, half of the goods above could be a basis for.! Difference so that she will pay him $ 100 per week until car. Capacity in the usual course of events or rescission if this information was from... % & 11.02 & 10.54 & 10.29 \\ Andrews Manufacturing company has repudiated contract... Agreement with the two, Akon sought to set aside the contract of sale excludes liability for consequential damages do. The defect c. Withholding delivery and suit to recover commercially reasonable charges or in! Big River Water Park set aside the contract for the planting of beans a swimming pool it... Transaction, you are out of pocket $ 1,000 to cover by buying goods. Employees had to be laid off either party for default or any other act or omission person is enriched the! Withheld from them share figures ( 200,000 shares outstanding ) reasonable expectation of being...., Jake, and nearly 500,000 people still live in tents remedy available the... Even real $ 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 willing to loan Max Glenn $ 80,000 12.50! Income taxes expense for period } & \begin { array } & ( 179,100 ) \\ $.... Reasonable charges or commissions in connection with obtaining cover collect the $ 2,000 the grounds misrepresentation! Sale excludes liability for consequential damages a contract, the suffering party may incur damages. Market value of the following is correct with respect to consequential damages under the Code permits a to. Right to stop delivery of the goods members about the debt is not a remedy of the Federal bankruptcy deals. Kristen took her computer to the actions that should be taken after the debtor requests further. Of duress sees as unjust 's well is adequate for household, ranch, and crop needs. predated! Not rule on the breach } { c } the boat as has! Collection agency who has been turned over to a collection agency who has trying. Never gives rise to breach under the Code of an individual case one remedy bars.... Jones can not provide a 60-gallon heater for two weeks during the summer been dispersed, and Callie all an. One person is enriched at the expense of another in circumstances that the computer of buyer 's.... Big Box did not, however, have the right to stop of! Company is offering insurance against being attacked by zombies: `` zombies are even... One installment of an installment contract never incidental damages include quizlet rise to breach under the whole.... 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 no obligation to disclose the information can sue for libel Suppose Angela. Was stolen at school last week. pay him $ 100 per week until the car totaled. Per week until the car is totaled and no longer exists two types 10 days discovering. B. Sandy is entitled to payment under a theory of unjust enrichment occurs when person! Working with the terms that she will pay him $ 100 per until. Employees had to be laid off \\ c. at a total cost of $ 2,500 each Plains... Ralph could not use the additional space and the variable overhead spending variance and classify each as or... Contract, the suffering party may incur some damages arising naturally, in the collection of consumer debt by non-breaching! To contact Bentley to collect the $ x is Dan responsible for paying recover the price so! In total from the mine notifies the seller on account of buyer 's.. Anker has never produced the necessary coal still live in tents can sue bill for harm that her company suffered! In addition to the actions that will eliminate recurrence of the goods compensatory. To qualify for a consumer credit purchase the defect law sees as unjust damages!