This lesson explores the remedies that are available in UCC Article 2 for the Seller when the Buyer is in breach. We first examine the remedies when the Buyer has the goods, and then when the Seller has the goods. This lesson may be run either as an introduction before the material is studied or as a review after it is studied.
On completion of the lesson, the student will be able to:
1. Distinguish between remedies available when the buyer has the goods and when the seller has the goods.
2. Explain the formulas for seller's resale remedy and seller's market remedy.
3. Articulate why there is a special rule for the lost volume seller.
4. Explain the remedies available when the buyer has given the seller a down payment.