Seller remedies - Study guides, Class notes & Summaries

BUSI 301 Chapter 21 Liberty University - Question and answers verified to pass BUSI 301 Chapter 21 Express warranty - correct answer The seller makes a representation of fact about a product Many arise in the context of advertising Implied warranty - correct answer The seller has not made a specific representation about the product, the buyer is still protected by the UCC Implied warranties - correct answer 1. Merchantability: every sale of a product from a merchant to a buyer. Fit...

Default of contract and types of damages (pg 137) (Ans- Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...

Real Estate Contract Forms and Addenda Exam 2 (2023/2024) 100% Pass What is Paragraph 5 in the promulgated contract address? Earnest Money What does Earnest Money Serve? As liquidated damages in the event of default Is earnest money required? NO Failure to Deliver Earnest Money in a timely manner constitutes what? Default and gives the seller the right to exercise the default remedies established by agreement of the parties in Paragraph 15. What does Paragraph 23 of the One to Four Family Re...

BUSI 301 Chapter 21 Study Guide Test 2024. Express warranty - CORRECT ANSWER The seller makes a representation of fact about a product Many arise in the context of advertising Implied warranty - CORRECT ANSWER The seller has not made a specific representation about the product, the buyer is still protected by the UCC Implied warranties - CORRECT ANSWER 1. Merchantability: every sale of a product from a merchant to a buyer. Fit for ordinary use 2. Fitness for a particular purpose...

DRAFTING THE CONTRACT AND EXCHANGE OF CONTRACTS Learning Outcomes 1. draft and / or critically review a standard-form contract for sale incorporating the Standard Commercial Property Conditions; 2. carry out the steps required for pre-exchange and exchange of contracts on the sale of land. DRAFTING You were issued with the Drafting Workbook at the beginning of your LPC. You should ensure that you are familiar with its contents and that you apply the principles in the Drafting Guide (Chap...

Colorado Contracts and Regulations Midterm Exam with Complete Solutions At closing of a property, who is most likely to pay the discount points and loan origination fees? A) Buyer and seller equally B) Seller C) Buyer D) Lender The answer is buyer. The buyer typically pays these fees. The seller may have given the buyer some funds as a concession; however, since the fees show on the buyer's settlement as a debit, they are considered to be a buyer obligation. The buyer must receive a Lead-B...

First Class Commercial Law Notes detailing the following: Legislation, Basic Concepts, the scope of the Sale of Goods Act 1979 (1) and (2) and the scope of the Consumer Rights Act 2015, Delivery and Payment, Meaning and Significance of Property and Risk, Non-Existent Goods at the Date of Contract, The Legislature, The Passing of Property, Nemo Dat Quod Non Habet and the Exceptions to that Principle, Terms implied by the SGA 1979 and the CRA 2015: the right to sell, sale of goods by description, ...

For Sale: Distinction-Level Property Law and Practice LPC Module Notes - Organized, Exam-Friendly, and Instructional Elevate your performance in the Property Law and Practice LPC module with my exceptional revision notes. These meticulously organized and exam-friendly notes provide an easy-to-follow guide through the complexities of property law. Having achieved a distinction myself, I assure you that these notes are the key to your success. Key Features: Organized Structure: These revi...

Colorado Forms and Contracts Latest Version 100% Correct Rule F Purpose of rule F is to assist brokers in complying Conway Bogue decision Deals with forms If a form is approved, brokers must use it Certain clauses specified by rule may be omitted in the printing of the form , primary financing methods that do not apply Contract forms generated by computer ( Rule F) Reproduce language exactly as approved Have software security to prevent language from being inadvertently changed or deleted ...

CPCM Certification exam 100% correctly answered Competitive negotiation - CORRECT ANSWER-A method of contracting involving a RFP that states: -The buyer's requirements and criteria for evaluation -Submission of timely proposals by a maximum number of offerors -discussion with those offerors found to be within the competitive range -award of a contract to the one offeror whose offer, price and other consideration factors are most advantageous to the buyer R&D Contract - CORRECT ANSWE...