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Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 22 - Mallor, Barnes, Bowers, Langvardt

Chapter 22 provides knowledge of remedies for breach of sales contracts. In this chapter, you will learn: Discuss meaning of liquidated damages and cover, and when UCC allows enforcement; list and describe UCC remedies for an injured buyer or seller; describe damages available to injured buyer, including specific performance. | Sales Formation & Terms Product Liability Performance of Sales Contract Remedies for Breach of Sales Contracts 4 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Remedies for Breach of Sales Contracts P A E T R H C 22 “Every great mistake has a halfway moment, a split second when it can be recalled and perhaps remedied.” Pearl S. Buck, novelist, What America Means to Me (1943) Learning Objectives Agreements as to remedies Seller’s remedies Buyer’s remedies 22 - Parties may agree contractually to remedies Liquidated damages clause: parties agree on amount of damages to pay to injured party Limitation or exclusion clause: parties agree to limit either the remedies available by law or the damages that can be covered [2–719(1)] See Star-Shadow Productions, Inc. v. Super 8 Sync Sound System Agreements as to Remedies 22 - Agreed remedy applied in the event of a breach of contract to reduce risk Example: “If delivery is not made by . | Sales Formation & Terms Product Liability Performance of Sales Contract Remedies for Breach of Sales Contracts 4 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Remedies for Breach of Sales Contracts P A E T R H C 22 “Every great mistake has a halfway moment, a split second when it can be recalled and perhaps remedied.” Pearl S. Buck, novelist, What America Means to Me (1943) Learning Objectives Agreements as to remedies Seller’s remedies Buyer’s remedies 22 - Parties may agree contractually to remedies Liquidated damages clause: parties agree on amount of damages to pay to injured party Limitation or exclusion clause: parties agree to limit either the remedies available by law or the damages that can be covered [2–719(1)] See Star-Shadow Productions, Inc. v. Super 8 Sync Sound System Agreements as to Remedies 22 - Agreed remedy applied in the event of a breach of contract to reduce risk Example: “If delivery is not made by September 1, Seller will pay Buyer $1,000 as liquidated damages.” Liquidated damages clause is enforced if amount is reasonable and if actual damages would be difficult to prove Example: Baker v. International Record Syndicate, Inc. If not enforceable because amount is a penalty or unconscionable, injured party may recover the actual damages suffered Limitations commonly placed on liability for consequential damages, but attempt to limit consequential damages for injury to a person by consumer goods is prima facie unconscionable [2–719(3)] Star-Shadow Productions, Inc. v. Super 8 Sync Sound System: Facts: Star-Shadow rented a camera and purchased film, but neither film nor camera worked until supplier Super 8 finally resolved problem Star-Shadow sued Super 8 for consequential damages and Super 8 pointed to limitation of liability clause: “Limitation of Liability: This product will be repaired if defective in manufacture or packing. Except for such replacement this product is sold without .