A Seller's Remedies Upon the Buyer's Default

question 49

Multiple Choice

A seller's remedies upon the buyer's default:

• A) may be goods oriented, money oriented, or obligation oriented.
• B) are subject to the doctrine of election of remedies.
• C) are, under the UCC, the same as a buyer's remedies for the seller's breach.
• D) All of these.

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Definitions:

Caveat Emptor

A principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.

Buyer Beware

A principle stating that the buyer assumes the risk for the quality and condition of goods purchased without explicit warranties, known as "caveat emptor."

GMO Products

Products that have been derived from organisms whose genetic material (DNA) has been modified in a way that does not occur naturally, often through genetic engineering.

Breach of Contract

The failure to perform any term of a contract, written or verbal, without a legitimate legal excuse.