Under the Code, what rights do the parties have to affect the possible remedies available in the case of breach?
Within specified limits, the Code permits the parties to a sales contract to modify, exclude, or limit by agreement the remedies or damages that will be available for breach of contract. Two basic types of contractual provisions affect remedies: (1) liquidation or limitation of damages; and (2) modification or limitation of remedy. The contract between the seller and buyer may expressly provide for remedies in addition to or instead of those provided in the Code. The contract may expressly limit or exclude consequential damages unless such limitation or exclusion would be unconscionable. Limitation of consequential damages for personal injuries resulting from breach of warranty in the sale of consumer goods is prima facie unconscionable, whereas limitation of such damages where the loss is commercial is not.
You might also like to view...
Which of the following is an account in stockholders' equity?
a. Dividends Payable b. Loss on Sale of Equipment c. Retained Earnings d. Net income
What are the positive and negative outcomes of office gossip?
What will be an ideal response?
The purpose of the ____ stage in personal selling is to determine customers' problems and questions about using the product.
A. prospecting B. approach C. overcoming-objections D. follow-up E. closing
What is one of the biggest pitfalls associated with real-time information?
A. It is only available to high-level executives due to the expense. B. It continually changes. C. It is only available in aggregate levels of granularity. D. It rarely changes.