Alice and barry have contract

Assignment Help Operation Management

Reference no: EM132201747

TRUE/FALSE

1. Winston enters into a contract with Zeke to sell Zeke cattle on August 12th. Winston's statement to Zeke on August 10th that Winston will not perform his contract to sell his cattle to Zeke on the 12th is known as anticipatory repudiation, and allows Zeke to treat Winston's notice of non-performance as a breach, and sue immediately.

2. Alice and Barry have a contract. A delegation of Barry's contract duties by Barry to Carlos relieves Barry of the obligation to perform those duties, if Carlos fails to perform.

3. Reformation as a contract remedy is available for court order when fraud or mutual mistake (for example, a clerical error, or a mistake in the legal description of real property) is present.

4. If parties rescind a contract, they are not usually also required to make restitution to each other.

MULTIPLE CHOICE

5. The obligation to perform a promise under a written contract may be discharged by “operation of law,” when which of the following situations occurs?

A. A party materially alters the written contract without the other party’s consent.

B. Six years pass after breach of the written contract, without the non-breaching party filing suit against the breaching party.

C. A debtor’s debts are completely discharged by the bankruptcy court.

D. Any of the above situations occurs.

6. Isaac and Gloria sign an agreement for the sale of a home in Seattle, which contains a clause that provides for Gloria (the buyer) to pay 10% of the purchase price to Isaac (the seller), if Gloria does not go through with the sale. This is an example of

A. an enforceable liquidated damages clause

B. a currently unenforceable liquidated damages clause, which might be corrected by a court through reformation of the percentage of the purchase price to 5%, to become enforceable.

C. a rescissionary clause.

D. a punitive damages clause.

7. If a plaintiff's constitutional rights have been violated, but the plaintiff has already been paid completely for her loss by other defendants, so the court awards her damages of $1, she has been awarded

A. nominal damages.

B. compensatory damages.

C. punitive damages

D. incidental damages

8. Ricardo and Sophia would like to discharge their obligations under a valid agreement they made a month ago, because they do not agree about the amount due under that agreement (in other words, the amount owed is in dispute). If they negotiate a new price as the amount due, and then the new price is paid, they have executed

A. an assignment.

B. a modification to the original agreement.

C. an accord and satisfaction.

D. a novation.

9. Elaine and Frank sign a contract in which Elaine agrees to install double-paned windows in Frank’s home, for $2,500. One month later, Elaine and Frank agree that Frank will pay the $2,500 directly to Elaine’s supplier, instead. Under these circumstances, Elaine’s supplier is

A. a delegee

B. an intended beneficiary

C. an assignee

D. an incidental beneficiary

10. Theo and Fiona have a bilateral contract. Theo's obligations under the contract may be discharged by

A. agreement of the parties

B. performance of the promise that Theo made under the contract.

C. objective impossibility of the parties’ performance under the contract.

D. any of the above.

Reference no: EM132201747

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