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Exam 11: Contract Performance, breach, and Remedies

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Question 21

True/False

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A seller cannot avoid the risk of liability for consequential damages by limiting the buyer's remedies in their contract.

A) True
B) False

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Question 22

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For mutual rescission of a contract to take place,the parties must make another agreement that satisfies the legal requirements for a contract.

A) True
B) False

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Question 23

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The failure of one party to perform under a contract entitles the other party to rescind the contract.

Inez hires Josh to paint her portrait to her satisfaction for $4,000.When Josh finishes the portrait,Inez announces that she is not satisfied with it.Inez

Car Lot's salesperson Dick offers to sell Ernie,who is twenty years old,a car.Dick intentionally misrepresents the vehicle's use and repairs.In reliance,Ernie buys the car.To prove fraud,Ernie does not have to show that

A party who in good faith performs substantially all of the terms of a contract can enforce the contract against the other party.

As a general rule,any duty can be delegated.

When a buyer breaches a contract for a sale of land,the seller can recover the difference between the contract price and the market price of the land.

Under a construction contract that requires a builder to meet certain specifications,complete performance is required to avoid material breach.

Restitution may be available in situations when damages cannot be proved or are difficult to prove.

Soto contracts to buy an oven from Restaurant Appliances Inc.for $5,000,but the seller fails to deliver.Soto buys a similar oven from another dealer for $6,500.Soto's measure of damages is

If a condition to a lease for university housing that the tenant must be a student is not satisfied,then the landlord's obligations under the lease are discharged.

For purposes of fraudulent misrepresentation,scienter clearly exists if a party asserting a fact knows it is not as stated.

Rene contracts with Scot to pay him $5,000 for repairs to Rene's lake cabin.After Scot performs,Rene tells him that she cannot pay him in full immediately.They sign an agreement in which Rene promises to pay $2,500 now instead of $5,000 later.This is

Rita contracts to work for Social Media Corporation (SMC) during April for $4,500.On March 31,SMC cancels the contract.Rita declines a similar job with Tech Talk,Inc. ,which would have paid $3,500.Rita files a suit against SMC.As compensatory damages,Rita can recover

Bottling Company enters into a contract with Chug's Brewery to provide certain bottling and delivery services.Before Bottling starts to work,the market price rises for the fuel for glass ovens.Bottling tells Chug's that due to the added cost it will not perform their deal.Bottling's contractual obligation to Chug's is

Erma enters into a contract to buy a tract of lakefront property from Forest Acres to build and sell a residential development.Forest Acres fails to close the sale.Erma's remedy is most likely

In most states,a person whose employment is wrongfully terminated has no duty to take a similar job if one is available.

Any contract can be discharged by agreement of the parties.

Big Dig LLC makes an offer to perform an excavation and related tasks for Commercial Development Corporation,but due to a substantial mathematical mistake,significantly underprices the work.Commercial accepts the offer.Data Big's best defense against enforcement of the contract is that Commercial knew