OH Auctioneer Practice Questions - Ohio Licensed Auctioneer Exam

What is the difference between 'incidental damages' and 'consequential damages' under ORC Chapter 1301?

They are the same thing Incidental damages are costs directly related to the breach (e.g., inspection, storage); consequential damages are foreseeable indirect losses (e.g., lost profits) Incidental damages apply only to buyers; consequential damages apply only to sellers Neither applies to auction transactions

Correct Answer:

Incidental damages are costs directly related to the breach (e.g., inspection, storage); consequential damages are foreseeable indirect losses (e.g., lost profits)

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