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CHAPTER 22: SALES CONTRACTS: BREACH AND REMEDIES.

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Presentation on theme: "CHAPTER 22: SALES CONTRACTS: BREACH AND REMEDIES."— Presentation transcript:

1 CHAPTER 22: SALES CONTRACTS: BREACH AND REMEDIES

2 Learning Objectives: Overview of Code Remedies Buyer’s Rights and Remedies Seller’s Rights and Remedies Chapter 222 CHAPTER 22: SALES CONTRACTS: BREACH AND REMEDIES

3 1.Obligations a.Seller must deliver conforming goods. b.Buyer must accept the goods and pay for them. 2.Breach a.Anticipatory repudiation b.Failure to perform c.Rejection by buyer d.Revocation by buyer Chapter 223 OVERVIEW OF CODE REMEDIES

4 3.Remedies a.Provided in the Agreement b.Provided by the Code i.Seller’s Remedies: In Order of Importance ii.Buyer’s Remedies: In Order of Importance iii.Reference to Table 22-1 Chapter 224 OVERVIEW OF CODE REMEDIES

5 1.Overview 2.Right to Inspect 3.Right to Reject a.Notice of Rejection b.Rights of Buyer and Seller Upon Rejection Chapter 225 BUYER’S RIGHTS AND REMEDIES

6 4.Right to Revoke Acceptance 5.Right to Cover 6.Right to Damages 7.Right to Specific Performance Chapter 226 BUYER’S RIGHTS AND REMEDIES

7 1.Overview 2.Right to Cure 3.Right to Reclaim Goods a.From an Insolvent Buyer b.From a Solvent Buyer 4.Right to Resell 5.Right to Damages 6.Right to Purchase Price Chapter 227 SELLER’S RIGHTS AND REMEDIES

8 CHAPTER 22: SALES CONTRACTS: BREACH AND REMEDIES

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