If the buyer and a seller do not agree on the amount of liquidated damages, the seller may not retain an amount in excess of ___________.Multiple choice question.$400 or 30 percent of the value of the total performance for which the buyer is obligated under the contract, whichever is greater$100 or 40 percent of the value of the total performance for which the buyer is obligated under the contract, whichever is greater$500 or 20 percent of the value of the total performance for which the buyer is obligated under the contract, whichever is smaller$200 or 50 percent of the value of the total performance for which the buyer is obligated under the contract, whichever is smaller

If the difference between the contract price and the market price would not put the seller in as good a financial position as the seller would have been in if the contract had been performed, the seller can ________. (Choose three correct answers.)Multiple select question.recover lost profitrecover emotional damagesrecover overheadget compensated for incidental damagesdecline credit to buyer for expenses saved

The seller is entitled to recover the purchase price in all the situations below EXCEPT: ______. (Choose ONE correct answer)Multiple choice question.Seller is entitled to the purchase price of all goods accepted by the buyer.Seller is entitled to the purchase price of all goods when she has made an honest effort to resell the goods and was unsuccessfulSeller is entitled to the purchase price of all conforming goods that were damaged after the buyer assumed the risk of loss.Seller is entitled to the purchase price of all goods when she has resold the goods at 10% loss

_________ means that a buyer can require a seller to give the buyer the goods covered by the contract.Multiple choice question.Nondelivery damagesSpecific remediesSpecific performanceSpecific damages

A court was reviewing a sales contract that contained the following phrase: "If delivery of specified goods is delayed by one day, the seller will pay one million dollars in compensation to the buyer". The purchase price of the goods is $3,000. The court refused to enforce the compensation provision because: Blank______.Multiple choice question.according to the UCC, a liquidated damages provision in a sales contract is per se unconscionablea court can refuse to enforce any provision in any contract at its discretionit exceeds the liquidated damages cap established by the Uniform Commercial Code (UCC)it is unconscionable

An injured buyer can recover consequential damages from a seller by showing that: ________.Multiple choice question.the seller knew (or should have known) she could have prevented damages by obtaining substitute goodsthe seller made (or should have made) profits out of the sales contractthe contract price is higher than the cost price of the substitute goodsthe seller knew (or should have known) the buyer would suffer damages if the seller failed to perform