Which of the following statements is true concerning cancellation of a contract?
A) Cancelling a contract is a seller's only remedy if a buyer or lessee is in breach .
B) Canceling a contract is a remedy of last resort from the UCC's perspective.
C) If a seller cancels a contract, he may not pursue any other remedies available under the UCC.
D) Cancelling a contract is never permitted under the UCC.
E) No notice is required to cancel a contract.

Question

Quizplus · Accepted Answer

Canceling a contract is considered a remedy of last resort under the Uniform Commercial Code (UCC), which suggests that other remedies should be considered before proceeding to cancellation. This approach is designed to preserve the contract and the business relationship if possible.

Which of the Following Statements Is True Concerning Cancellation of a Contract