FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 16: Termination and Remedies

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

If performance of a contract is not substantial, there is a material breach.

A) True
B) False

Correct Answer

verified

Show Answer

Question 2

Essay

Review LaterAdd Note

Review Later

Quest Resources, Inc., contracts with Ring Communications Corporation (RCC) for RCC to design and build an all-weather communications system for Quest's field operations. RCC builds the system, but it functions effectively only in good weather. Is this a breach of the contract? If so, what remedies does Quest have?

Correct Answer

verified

Performance far below reasonable expecta...

View Answer

Show Answer

Question 3

True/False

Review LaterAdd Note

A novation requires the existence of a previous, valid obligation.

Ready Repair Service enters into a contract to fix washers and dryers in Scrub n' Dry Company's coin-operated laundries. Ready breaches the contract. Scrub n' Dry is awarded compensatory damages. The purpose is to

East Bay Café orders seafood from Fresh Catch Company. Fresh places the goods at East's disposal. Fresh's performance under the contract is

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

A breach of contract occurs when a party fails to perform part or all of the required duties under a contract.

Build-well Construction LLC contracts to build a warehouse for Corporate Storage Inc. Corporate does not have to pay Build-well if the warehouse is not built. Their respective promises are

Verna enters into a contract to work as a lifeguard at Water Park for the summer in exchange for a weekly paycheck. The duties under this contract will be discharged when the duties are

Restoration Inc. enters into a contract to refurbish an old bus depot for Quality Café LLC. If Restoration completes most of the work promised in the contract, its performance will be

The most common way to terminate contractual duties is by performance.

Restitution is a way to avoid the unjust enrichment of one party at the expense of another.

Copper Circuit, Inc. and Direct Electric LLC sign an agreement that provides for the payment of "$1,000 by whichever party commits a material breach of the contract that creates damages difficult to estimate but approximately $1,000." This is

When the subject matter of a contract is personal, the performance need only satisfy a reasonable person.

Guido and Hal want to rescind their contract under which Guido sold Hal a mountain bike for $250. To rescind the contract

T he measurement of compensatory damages does not vary by type of contract.

The amount of compensatory damages is based on the level of wrongdoing by the breaching party.

Sara enters into a contract to sell her vacation condo to Ted for a certain price on a specific day. On that day, Sara unconditionally offers to perform. Sara's offer

Special damages that compensate for a loss that goes beyond the contract itself are compensatory damages .

Gliders, LLC, and Hang Time, Inc., are parties to a contract. They subsequently agree that In the Wind Inc. should take Gliders' place and assume all of its rights and duties under the contract. This is