Question 1

Under ordinary circumstances,a party's duty to perform a promise agreed to in a contract is absolute.

Accepted Answer

A) True 
 B)False

Question 2

There are two types of conditions that can be placed on contracts and affect a party's duty to perform the promise agreed to in the contract.

Accepted Answer

A) True 
 B)False

Question 3

Equitable remedies,as applied in the U.S. ,developed from the court's authority in which country?

Accepted Answer

A)  England
B)  Portugal
C)  Spain
D)  France
E)  ItalyF) A) and D)
G) B) and E)

Question 4

Restitution is the return of any property given up under the contract.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is an order either forcing a person to do something or prohibiting a person from doing something?

Accepted Answer

A)  Instructional edict
B)  Injunction
C)  Directive
D)  Demand
E)  SpecificationF) B) and D)
G) A) and B)

Question 6

When there is a substitution of a party to a contract,it is called rescission.

Accepted Answer

A) True 
 B)False

Question 7

Carrie and Peter enter into a contract in which Carrie agrees to wash Peter's car if Peter tutors her son in math and her son gets at least a B+.This is an example of which type of conditional contract?

Accepted Answer

A)  Implied condition
B)  Condition Concurrent
C)  Condition Subsequent
D)  Condition Precedent
E)  The contract is not conditional.F) None of the above
G) B) and E)

Question 8

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ________ one's damages.

Accepted Answer

A)  Mitigate
B)  Reduce
C)  Migrate
D)  Remit
E)  ReformF) B) and C)
G) None of the above

Question 9

The damages parties specify in advance in a contract,in contemplation of a particular kind of breach,are known as ________ damages.

Accepted Answer

A)  Punitive
B)  Nominal
C)  Liquidated
D)  Repugnant
E)  ConsequentialF) A) and B)
G) B) and E)

Question 10

Under the UCC,how are compensatory damages calculated when a seller breaches a contract for the sale of goods?

Accepted Answer

A)  By calculating the value of the buyer's actual losses and adding punitive damages.
B)  By the price the seller had agreed to sell the goods for,multiplied by 1.5 to account for the buyer's inconvenience.
C)  By the liquidated damage clause,which the Uniform Commercial Code requires buyers and sellers must include in all contracts for the sale of goods.
D)  By calculating the degree of inconvenience the buyer incurred as a result of the seller's breach of contract.
E)  By finding the difference between what the buyer would have paid for goods under the contract and the amount the buyer will have to pay to obtain the goods from another seller.F) A) and B)
G) A) and C)

Exam 20: Discharge and Remedies

There are two types of conditions that can be placed on contracts and affect a party's duty to perform the promise agreed to in the contract.

Correct Answer
verified

Under the UCC,how are compensatory damages calculated when a seller breaches a contract for the sale of goods?

Correct Answer
verified

Equitable remedies,as applied in the U.S. ,developed from the court's authority in which country?

Correct Answer
verified

Which of the following is an order either forcing a person to do something or prohibiting a person from doing something?

Correct Answer
verified

Under ordinary circumstances,a party's duty to perform a promise agreed to in a contract is absolute.

Correct Answer
verified

Restitution is the return of any property given up under the contract.

Correct Answer
verified

When there is a substitution of a party to a contract,it is called rescission.

Correct Answer
verified

The damages parties specify in advance in a contract,in contemplation of a particular kind of breach,are known as ________ damages.

Correct Answer
verified

Carrie and Peter enter into a contract in which Carrie agrees to wash Peter's car if Peter tutors her son in math and her son gets at least a B+.This is an example of which type of conditional contract?

Correct Answer
verified

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ________ one's damages.

Correct Answer
verified

Exam 20: Discharge and Remedies

There are two types of conditions that can be placed on contracts and affect a party's duty to perform the promise agreed to in the contract.

Correct AnswerverifiedShow Answer

Under the UCC,how are compensatory damages calculated when a seller breaches a contract for the sale of goods?

Correct AnswerverifiedShow Answer

Equitable remedies,as applied in the U.S. ,developed from the court's authority in which country?

Correct AnswerverifiedShow Answer

Which of the following is an order either forcing a person to do something or prohibiting a person from doing something?

Correct AnswerverifiedShow Answer

Under ordinary circumstances,a party's duty to perform a promise agreed to in a contract is absolute.

Correct AnswerverifiedShow Answer

Restitution is the return of any property given up under the contract.

Correct AnswerverifiedShow Answer

When there is a substitution of a party to a contract,it is called rescission.

Correct AnswerverifiedShow Answer

The damages parties specify in advance in a contract,in contemplation of a particular kind of breach,are known as ________ damages.

Correct AnswerverifiedShow Answer

Carrie and Peter enter into a contract in which Carrie agrees to wash Peter's car if Peter tutors her son in math and her son gets at least a B+.This is an example of which type of conditional contract?

Correct AnswerverifiedShow Answer

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ________ one's damages.

Correct AnswerverifiedShow Answer

Correct Answer
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