Noni and Myra Enter into a Contract for a Sale

question 16

Multiple Choice

Noni and Myra enter into a contract for a sale of clarinets and other wind instruments.Noni does not deliver.Myra can normally recover as damages the difference between

• A)any loss avoided and any profit gained.
• B)the actual price and the hoped-for price.
• C)the contract price and the market price.
• D)the current prices in the parties' locations.

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Definitions:

Identity

The condition or character as to who a person or what a thing is; the qualities, beliefs, etc., that distinguish or identify a person or thing.

Ratification

The act of formally confirming or approving an agreement, treaty, or contract, making it officially valid.

Principal

The amount of money originally invested or loaned, upon which interest and other charges are calculated.

Unauthorized Act

An action taken by an individual or entity without proper authority or permission, potentially leading to legal consequences.