The Code Permits the Seller to Recover the Price Plus

question 29

Multiple Choice

The Code permits the seller to recover the price plus incidental damages in which of the following situation(s) ?

• A) Where the goods have been identified to the contract and there is a ready market available for their resale at a reasonable price.
• B) Where conforming goods have been lost or damaged before risk of loss has passed to the buyer.
• C) Where the buyer has accepted the goods.
• D) None of these.
• E) All of these.

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Definitions:

Winding Up

The process of settling the accounts and liquidating the assets of a company for the purpose of distributing the proceeds to claimants and shutting down the company permanently.

Implied Authority

The power of an agent to perform acts that are reasonably necessary to accomplish the purpose of an agency, even if not explicitly authorized.

Dissolution

The process of formally closing or ending an entity, such as a business, partnership, or marriage, through legal means.

Wrongfully Dissociated

In the context of partnership law, this term refers to a partner being expelled or exiting a partnership in violation of the agreement or governing statutes.