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Economics
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4 Jan 2018

What is the difference between incidental damages and consequential damages?

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Jamar Ferry
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6 Jan 2018
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Related questions

1- To invoke implied warranty of merchantability in a sales or lease contract, the:
a. buyer should prove that he or she is a merchant.
b. purchaser must have purchased or leased the good from a merchant.
c. goods purchased or leased should be worth $5,000 or more.
d. seller should have transferred a void title to the buyer.

2- When the buyer in a sales contract is in breach, sellers are allowed to sell the goods to another buyer or dispose of the goods under the Uniform Commercial Code (UCC). Which of the following is true of the liability of the buyer under these circumstances?
a. UCC allows the seller to recover only the incidental damages.
b. UCC allows the seller to recover the difference between the resale price and the contract price, minus the profits the seller makes from the resale.
c. UCC allows the seller to claim the difference between the original contract price and the profits made through resale.
d. UCC allows the seller to recover the difference between the resale price and the contract price, plus incidental damages and minus expenses saved.

6. A pollution charge would be preferable to a system of marketable pollution permits when

a. the marginal costs of damages are steep and the marginal costs of pollution reduction are relatively stable

b. the marginal costs of damages are steep and the marginal costs of pollution reduction are steep

c. the marginal costs of damages are relatively stable and the marginal costs of pollution reduction are relatively stable

d. the marginal costs of damages are relatively stable and the marginal costs of pollution reduction are steep

1. Assume that the high costs of performing cause the promisor to breach a contract and pay perfect expectation damages to the promisee. Would the promisee have preferred that the promisor perform?

2. Explain the gain in total payoffs from allowing the promisor to breach and pay expectation damages when performing is efficient.

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