Question: What does the Uniform Commercial Code provide for liquidated damages if the parties do not otherwise agree to them? Multiple Choice That the nonbreaching seller

What does the Uniform Commercial Code provide for liquidated damages if the parties do not otherwise agree to them?

Multiple Choice

  • That the nonbreaching seller may claim against a breaching buyer 20 percent of the purchase price or $500, whichever is more, as liquidated damages.
  • 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.
  • That the nonbreaching seller may claim against a breaching buyer 20 percent of the purchase price or $500, whichever is less, as liquidated damages.
  • The Uniform Commercial Code does not establish an amount for liquidated damages if the parties do not otherwise agree to them.
  • 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.

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