What Is the UCC Rule Regarding Punitive Damages

question 29

Multiple Choice

What is the UCC rule regarding punitive damages?

• A)That the nonbreaching seller may claim against a breaching buyer who is guilty of malice 30 percent of the purchase price or $1,000,whichever is more,as punitive damages.
• B)That the nonbreaching seller may claim against a breaching buyer who is guilty of malice 20 percent of the purchase price or $500,whichever is less,as punitive damages.
• C)That the nonbreaching seller may claim against a breaching buyer who is guilty of malice 30 percent of the purchase price or $1,000,whichever is less,as punitive damages.
• D)The UCC does not address punitive damages,other than voiding liquidated damages that are punitive in nature.
• E)That the nonbreaching seller may claim against a breaching buyer who is guilty of malice 20 percent of the purchase price or $500,whichever is more,as punitive damages.

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Definitions:

Stakeholders

Parties or individuals who have an interest or investment in a particular business or project and can be affected by its outcomes.

Board of Directors

A group of individuals elected by shareholders to oversee the management and major decisions of a corporation.

Local Communities

Groups of people living in the same geographic area, sharing common social ties, and interacting with each other on a daily basis.

Core Values

Essential tenets or guiding precepts that determine how individuals act and behave within a corporate setting.