Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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?

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.

UCC allows the seller to recover the difference between the resale price and the contract price, plus incidental damages and minus expenses saved.

UCC allows the seller to recover only the incidental damages.

UCC allows the seller to claim the difference between the original contract price and the profits made through resale.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risky Business Principles Of Auditing Property And Casualty Insurance

Authors: Seth A. Davis, CIA, CPA, CPCU, CFA, CISA

1st Edition

0894139711, 978-0894139710

More Books

Students also viewed these Accounting questions