Chapter 14 - Sales contracts rights, duties, breach, and warranties. After completing this chapter, students will be able to: Describe what is meant by tender of performance, outline the rights and duties of sellers and buyers in a sales contract, explain the doctrine of anticipatory breach, discuss the seller’s and the buyer’s remedies in case of a breach,. | Business Law with UCC Applications,13e Sales Contracts Rights, Duties, Breach, and Warranties Chapter 14 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives Describe what is meant by tender of performance. Outline the rights and duties of sellers and buyers in a sales contract. Explain the doctrine of anticipatory breach. Discuss the seller’s and the buyer’s remedies in case of a breach. Define the term statute of limitations . Learning Objectives (cont.) Describe the three ways in which an express warranty may be created. State the requirements of the Magnuson-Moss Warranty Act. Differentiate among the implied warranties of fitness for a particular purpose, merchantability, and usage of trade. Explain the meaning of a warranty of title. Recognize the ways in which warranties may be excluded. Sales Contracts Rights, Duties, Breach, and Warranties Rights and Duties of the Parties Tender of Performance Buyer’s Rights and . | Business Law with UCC Applications,13e Sales Contracts Rights, Duties, Breach, and Warranties Chapter 14 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives Describe what is meant by tender of performance. Outline the rights and duties of sellers and buyers in a sales contract. Explain the doctrine of anticipatory breach. Discuss the seller’s and the buyer’s remedies in case of a breach. Define the term statute of limitations . Learning Objectives (cont.) Describe the three ways in which an express warranty may be created. State the requirements of the Magnuson-Moss Warranty Act. Differentiate among the implied warranties of fitness for a particular purpose, merchantability, and usage of trade. Explain the meaning of a warranty of title. Recognize the ways in which warranties may be excluded. Sales Contracts Rights, Duties, Breach, and Warranties Rights and Duties of the Parties Tender of Performance Buyer’s Rights and Duties Seller’s Rights and Duties Sales Contracts Rights, Duties, Breach, and Warranties Tender of Performance Making proper tender Tender of payment by buyer Sales Contracts Rights, Duties, Breach, and Warranties Buyer’s rights and duties Rejection of goods by the buyer Acceptance of goods by the buyer Revocation of acceptance Sales Contracts Rights, Duties, Breach, and Warranties Breach of Contract Anticipatory Breach Seller’s Remedies Buyer’s Remedies The Commercial Court Sales Contracts Rights, Duties, Breach, and Warranties Seller’s remedies Withhold or stop the delivery of goods Resell the goods Damages Sue for price Cancel the contract Sales Contracts Rights, Duties, Breach, and Warranties Buyer’s remedies Cover the sale or sue for breach Keep goods and seek adjustment Sue for specific performance Sales Contracts Rights, Duties, Breach, and Warranties Warranty Protection Express Warranties Implied Warranties Warranty of Title Warranty Exclusion Privity Not Required Sales Contracts
