Match Each Statement with the Correct Term Below

question 63

Short Answer

Match each statement with the correct term below.a.Unfairness in the bargaining process.b.An action at law to recover specific goods in the possession of a defendant that are being unlawfully withheld from the plaintiff.c.An amount specified by the parties that is recoverable in the event of a breach.d.A seller makes available to a buyer goods conforming to the contract and so notifies the buyer.e.The inability of a person to pay his debts in the ordinary course of business or as they become due.f.Total liabilities exceeding the total value of all assets.g.Commercially reasonable expenses directly resulting from a breach.h.Expenses resulting from the buyer's requirements of which the seller had reason to know at the time of contracting; also injury to person or property resulting from breach of warranty.i.A buyer's purchase of goods in substitution for those not delivered by a breaching seller.j.Oppressive or grossly unfair contractual provisions.k.Clear indication before performance is due of an unwillingness or inability to perform contractual duties.l.The right of a seller under the Code to correct a nonconforming delivery of goods to the buyer.m.The manifestation by a buyer of unwillingness to become the owner of the goods.n.Interest in personal property or fixtures ensuring payment or performance of an obligation.
-anticipatory repudiation

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Definitions:

Deadweight Loss

An economic inefficiency that occurs when a market does not reach equilibrium, leading to a loss of total social welfare.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Deadweight Loss

The decrease in economic productivity that happens when a good or service does not reach, or cannot reach, its equilibrium point.

Consumer Surplus

The difference between the maximum amount consumers are willing to pay for a good or service and the actual amount they do pay.