In this lesson, Nick Palazzolo, CPA, dives into the nitty-gritty of the Uniform Commercial Code (UCC) warranties and remedies, providing a deep understanding of what rights and obligations come into play when a sales contract is formed. Nick offers clear-cut explanations of express and implied warranties, such as warranties of title, merchantability, and fitness for a particular purpose, and under which circumstances they can be disclaimed. Moving beyond the basics, the lesson transitions into the practical realm, exploring various remedies available to non-breaching parties, from anticipatory repudiation and its potential responses to the duty of both buyers and sellers to mitigate damages. With a practical approach, Nick clarifies the difference between punitive and compensatory damages and proceeds to outline specific remedies available in the wake of breach of contract, both for buyers and sellers. To ensure everything stays clear, the lesson is peppered with straightforward examples and wraps up with handy graphics to summarize and contrast the key points for easy retention.
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