Scenario??The Treble Clef Offers a Complete Line of Sheet Music

question 95

Essay

Scenario??The Treble Clef offers a complete line of sheet music, musical instruments, and novelty gifts of a musical nature.In recent years, owner Gary Zahn has even served as the local representative of several musical instrument manufacturers, providing a contact person for three local school districts."If we don't have it, chances are excellent that we can get it for you," Gary tells all Treble Clef visitors and customers.?Some patrons are interested in finding a specific piece of sheet music from a particular era.Others walk in just to browse among the hundreds of musical knick-knacks in the store.?Gary spends most of his time making presentations to beginning music students at the local schools and making bi-weekly visits to the schools in order to deliver instruments, to make minor repairs when possible, or to pick up instruments to ship to the manufacturer for more complicated repairs.?After dragging his feet for quite some time, Gary decided that a Treble Clef website would benefit his customers.He began with a simple site explaining store hours and depicting types of gifts and services available.The site was so well received that Gary added a question-and-answer option.Questions poured in, ranging from "Where can I get the sheet music for 'Hello, Dolly'?" to "Do you carry clarinet reeds?" to "My saxophone needs two new pads.When will you be at Elmhurst school to repair it?" Eventually, Gary added purchasing options to the website, so customers could shop for and order musical novelties online with a credit card.A gift could now be wrapped and sent to the recipient at no extra charge.?"I don't know how the Treble Clef managed without our website," Gary admitted."It allows us to be so responsive.And our novelties sales have doubled!"??How are The Treble Clef's buyers benefiting from the direct marketing via the Internet?

Identify and understand the remedies available under the UCC for breaches of contract.

Understand the concept of "cover" and its implications for buyers or lessees in a sales or lease agreement.

Grasp the importance of liquidated damages and the limitations on their use in contracts.

Recognize the conditions under which specific performance and cancellation of contracts may be required or utilized.

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Definitions:

Future Cash Payment

Future cash payment refers to the amount of money that is obligated to be paid by an entity in the future for transactions occurring in the present or past.

Unearned Revenues

Money received by a company for a service or product that has yet to be delivered or provided.

Business Transactions

Economic events that affect the financial position of a company and are recorded in its accounts.