What does the Uniform Commercial Code provide for liquidated damages if the parties do not otherwise agree to them?
A)That the nonbreaching seller may claim against a breaching buyer 20 percent of the purchase price or $500,whichever is less,as liquidated damages.
B)That the nonbreaching seller may claim against a breaching buyer 20 percent of the purchase price or $500,whichever is more,as liquidated damages.
C)That the nonbreaching seller may claim against a breaching buyer 30 percent of the purchase price or $1,000,whichever is less,as liquidated damages.
D)That the nonbreaching seller may claim against a breaching buyer 30 percent of the purchase price or $1,000,whichever is more,as liquidated damages.
E)The Uniform Commercial Code does not establish an amount for liquidated damages if the parties do not otherwise agree to them.

Question

Quizplus · Accepted Answer

The Uniform Commercial Code (UCC)provides for liquidated damages if the parties have not expressly negotiated a liquidated-damage clause.Uniform Commercial Code Section 2-718 pertains to liquidated damages and allows the nonbreaching seller to claim against a breaching buyer 20 percent of the purchase price or $500,whichever is less,as liquidated damages.

What Does the Uniform Commercial Code Provide for Liquidated Damages