Answered: 5. Which of the following remedies…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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.

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