Crytrin Manufacturing,Inc

question 32

Multiple Choice

Crytrin Manufacturing,Inc.contracted with Molfry,Inc.to manufacture three large pieces of equipment.The contract contained a clause stating that Crytrin agreed to repair or replace any defective equipment,but that was the only remedy Molfry would have.This clause

• A)is an effective disclaimer.
• B)will not keep Molfry from obtaining consequential damages since,under the UCC,consequential damages cannot be excluded.
• C)is a limitation of remedy clause,which limits or excludes normal remedies permitted under the UCC.
• D)limits any express warranties made by Crytrin.

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Definitions:

Partnership Obligations

The duties, responsibilities, and liabilities assumed by partners in a business partnership, as dictated by law or agreement.

Vicarious Liability

Legal responsibility placed on one person for the acts of another.

Joint Liability

Shared liability. In partnership law, partners incur joint liability for partnership obligations and debts.

Fiduciary Duty

A legal obligation of one party to act solely in the best interest of another party, such as a trustee for a beneficiary.