Uncle Isaac Has Had Some Difficulty in a Sale-Of-Goods Contract

question 97

Multiple Choice

Uncle Isaac has had some difficulty in a sale-of-goods contract and wants to know if there are any mistakes in the information he has received with regard to the remedies for breach of such a contract. Indicate the true statement.

• A) Once the seller of the goods has given up possession of them to the buyer, he has lost his right to sue.
• B) A court will award a remedy only if there was a breach of warranty.
• C) An unpaid seller who has possession of the goods has a lien on those goods. That is, he can hold the goods.
• D) The Sale of Goods Act excludes the possibility of the equitable remedy of specific performance.
• E) If there has been a breach of contract, the purchaser is only entitled to tort remedies.

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Definitions:

Capital Shares

Equity securities that represent ownership in a corporation, entitling the shareholder to a share of the company's profits.