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- 5. Which of the following remedies available to the seller for the breach of contract of sale committed by the buyer is correct? Group of answer choices Assuming the goods have already been delivered to the buyer and the buyer wrongfully neglects or refuses to pay the price, the seller may maintain an action for the price of the goods or may file an action to collect a sum of money. If the buyer wrongfully neglects or refuses to accept and pay for the goods, the seller may maintain an action for damages. Assuming the goods have not yet been delivered to the buyer and (1) If the buyer has repudiated the sale or (2) If the buyer manifested his inability to perform his obligation to pay the price or (3) If the buyer has committed a breach of contract, the seller may rescind the contract of sale. All of the other choices.A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay the damages. However, the amount of legal damages is not known with certainity. The accounting year has already been ended and the books are now finalised to ascertain true profit or loss. The accountant of the trader has advised him not to consider the expected loss on account of payment of legal damages because the amount is not certain and the final judgment of the court is not yet out. Do you think the accountant is right in his approach.51. Which of the following is the proper legal remedy to be availed by the buyer if the seller committed a breach of contract of sale of specific thing by non-delivery of the subject matter to the buyer? Group of answer choices File an action for specific performance or exact fulfilment plus damages File an action for reformation of instrument plus damages File an action for annulment of contract of sale plus damages File an action for declaration of nullity of contract of sale plus damages
- Saul sold goods to Bruce, warranting that the goods were of a specified quality. The goods were not of the quality warranted, however, and Saul knew this at the time of the sale. Bruce drew and delivered a check payable to Saul and drawn on Third National Bank in the amount of the purchase price. Bruce subsequently discovered the goods were faulty and stopped payment on the check. Third National refused to pay Saul on the check. a. What are the arguments that Saul can recover (1) from Bruce and (2) from Third National? b. What are the arguments that (1) Bruce should prevail? and (2) Third National should prevail? c. Who should prevail? Why?In order to say that the buyer is insolvent in order for the seller to exercise his right to stoppage in transitu, such insolvency should be judicially declared. True or FalseP has rendered construction services for M. M is currently illiquid due to the effects of the COVID-19 pandemic. Thus, M issued a negotiable promissory note in favor of P for the amount of his payable to M. P then endorsed it to A, who knows about the transaction between M and P, then A endorsed it to B, who also knows about the said transaction. Can B seek payment fom M? YES OR NO?
- When an entity's management resolves that the entity will offer to repair a defect it has recently discovered in one of its products, even though the nature of the defect is such that purchasers of the product would not expect the entity to do so: it must immediately recognise a liability. it must immediately recognise a liability, if it can be measured reliably. it will never recognise a liability as the offer to repair was not part of the contract of sale. it will only need to recognise a liability when the entity makes the offer public, or commits itself in some other way to make the repairs.Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slander92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments
- 1. A manufacturer of household appliances has potential costs due to the discovery of a defect in one of its products. The occurrence of the loss is probable and the costs can be reasonably estimated. This present obligation should be: accrued and disclosed as a liability. neither accrued nor disclosed as a liability. accrued as a liability but not disclosed. disclosed but not accrued as a liability. 2. A contingency that need not be disclosed in the financial statements or in the notes thereto is: pending litigation. possibility of strike. deficiency tax assessment. note receivable discounted. 3. A loss contingency that should be accrued is: note receivable discounted. pending lawsuit. tax in dispute. estimated claim under a service warranty on new products sold. 4. An item that is not a contingent liability is: premium offer to customers for labels or box tops. accommodation endorsement on customer note. additional compensation that may be payable on a dispute now being…Revenue should be recognized over time when a performance obligation is satisfied over time. That occursif (1) the customer consumes the benefit of the seller’s work as it is performed, (2) the customer controlsthe asset as the seller creates it, or (3) the asset has no alternative use to the seller and the seller can be paidfor its progress even if the customer cancels the contractBoracay wrote a complete promissory note payable to bearer. The note was stolen and his signature forged. It ends up in the hands of a holder in due course. Which of the following is true? a. Boracay is not liable because the forged signature is inoperative. b. Boracay can set up the defense of want of delivery of a complete instrument. c. Boracay is liable because he is an indorser. d. Boracay is liable to a holder in due course.
