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Exam 19: Breachapter of Contract and Remedies

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Question 21

True/False

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There is a remedy available for nearly every breach of contract.

A) True
B) False

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Question 22

Multiple Choice

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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

A) the amount that Erma invested in the project to the date of the closing.
B) nothing-Forest Acres still owns the land.
C) the difference between the contract and market prices of the land.
D) specific performance.

E) A) and B)
F) B) and C)

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Question 23

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Steel Mill Inc. agrees to deliver a certain quantity of steel to T-Bar Framing Corporation. The agreement states that delivery is to be within "9" days, although the parties intend "90" days. The seller cannot convince the buyer to amend the contract. The most appropriate remedy is most likely

Cow's Milk LLC needs a certain part for its pasteurizing equipment to continue its operations and orders one for $3,000 from Dairy Supplies Inc. Cow's Milk tells Dairy Supplies that it must receive the part by Tuesday or it will lose $10,000. Dairy Supplies ships the part late. Cow's Milk can recover

When no actual damage or loss results from a breach of contract and only a technical injury is involved, the innocent party can recover no damages.

In contract law, damages compensate for harm suffered as a result of another's wrongful act, not for the loss of a bargain.

Ziplines Inc. enters into a contract to employ Scot as a manager for two years. If Ziplines breaches the contract, Scot has a duty to

Builders Inc. agrees to construct an office building for Commerce Center Corporation. The project proceeds according to plan, but before it is done, the buyer tells Builders to quit. In a suit for breach, Builders may recover

A restrictive covenant imposed as part of a sale of an ongoing business will be enforced even if the restrictions are unreasonable.

A liquidated damages provision specifies an amount to be paid in the event of a future default or breach of contract to make the innocent party whole.

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

Expenses incurred because of a breach of contract to obtain performance from another source are not recoverable in a suit for breach.

On an architect's breach of contract after payment for the work, the owner can immediately hire a new architect and obtain restitution of the payment.

If the Statute of Frauds bars the enforcement of an oral contract, a court will not impose a quasi contract regardless of the other circumstances.

Sometimes, when a buyer breaches a contract for a sale of goods and the seller has not yet produced the goods, the seller can recover the lost profits.

The Uniform Commercial Code provides that remedies may not be limited in a contract for the sale of goods.

A court will grant specific performance as a remedy only when the legal remedy is adequate.

Armand orally agrees to pay Borges to seed and harvest a quarter of Armand's farm acreage for four planting seasons. After Borges prepares the land and plants the first crop, Armand says that the deal is off. Borges can most likely recover on a theory of

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

Hera contracts to work exclusively for Island Tours LLC during July for $5,000. On June 30, Island cancels the contract. Hera finds a similar job for the month of July but earns only $3,000. Hera files a suit against Island. As compensatory damages, Hera can recover