12_If the seller is in the process of manufacturing the goods when the buyer breaches a contract, the seller:

Multiple Choice

must either stop production and sell the uncompleted goods for their salvage value or complete manufacture of the goods and sell the goods, whichever would most likely minimize the loss.

must complete manufacture of the goods and sell the goods to another buyer in order to mitigate damages.

must immediately stop production and sell the uncompleted goods for their scrap or salvage value in order to mitigate damages.

is not required to take any steps and may sue for the full contract price without concern for mitigation because the buyer is the breaching party.

2_

Short term debt instruments are referred to as:

Multiple Choice

Notes

Options

Bonds

Warrants

3

Authority by virtue of an office is referred to as:

Multiple Choice

ex officio authority.

actual authority.

apparent authority.

inherent authority.

4

Under the UCC, if a buyer accepts defective goods and wants to hold the seller liable for consequential damages, the buyer must give the seller notice of the defect within a reasonable time of discovery of the defect.

Group startsTrue or Fals