Explain the Basic Differences Between: (I) a Claim for Damages

question 58

Essay

Explain the basic differences between: (i) a claim for damages following the buyer's breach of contract, and (ii) an action for the price by the seller.

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Definitions:

Special

Distinguished or different from what is ordinary or usual, often implying superiority or a specific purpose.

Bearer Paper

A negotiable instrument or document of title that confers entitlement to the holder or bearer, with no named payee.

Endorsement

The act of signing one's name on the back of a check or other negotiable instrument, or a public declaration of support for a person, product, or service.

Delivery

The act of transferring an item from the seller to the buyer, where the legal ownership is passed.