Reference no: EM13468644

1. T/F: Restitution is classified as an equitable remedy

2. T/F: When an assignment is made, the assignee has the right to reform the contract and change the obligor's rights and duties as they wish

3. T/F: Impossibility of performance is subjective meaning that one of the parties may unilaterally decide that performance is impossible, thus discharging the contract

4. T/F: Specific performance is almost always available when a real estate contract is involved

5. T/F: Beth has a contract with Annie in which Annie is to deliver 1000 hand decorated beverage holders in 60 days. When Beth calls the Psychic Hotline for her weekly reading, the psychic informs her that she has entered into a contract and the other party will not perform all the conditions and specifications as per the agreement. Beth may sue for an anticipatory repudiation

6. T/F: Mel is under contract with a textbook publisher to write a teachers manual to accompany a new textbook. The contract states that the instructor's manual is to be completed by August 1. On July 1, the publisher calls Mel and asks for an update. Mel states that he's working hard and making progress. He then states that the August 1 deadline is "doable but it's going to be tough". Based on Mel's statement the textbook publisher may claim an anticipatory repudiation and find another author to complete the project

7. T/F: A rescission of a contract may occur when either party chooses to end the agreement

8. T/F: Burt has contracted with Mel to put a concrete driveway on Mel's property. If Burt delegates the duty of laying the driveway to Chuck, and Chuck does an unacceptable job, Mel may sue Burt for damages

9. T/F: Lance is an avid bicyclist and sends in a $150 fee to participate in an across the state ride in the Midwest. A week before the ride, he breaks his leg. Unless the contract specifically provides for no refunds under any conditions, he will be able to receive a refund based on impossibility

0. T/F: Generally, courts do enforce a strict compliance standard for contact conditions

11. T/F: Anticipatory repudiation may be used when a party has knowledge that either a complete or a partial breach will occur by the other party

12. T/F: Incidental beneficiaries are known about when the contract is entered into

13. List three ways of discharge by mutual consent

14. You have booked a hotel room for conference at a rate of $100 per day for five days. When you arrive to check in you are told that the hotel is full and that they overbooked and cannot supply you with a room. You are forced to go to the only hotel in town with available rooms and pay $150 per night. If you sue for damages you entitled to what amount?

15. Max has contracted with Lew to have his house painted. The contract specifically stated that the job was to be completed by 8/25. Lew completes the job on 8/26. Max has suffered no loss due to the delay. The job was otherwise done exactly to all contract requirements and specifications. If Max sues Lew for breach of contract due to the missed completion date, were the courts to award damages, what type of damages would most likely be awarded?

16. In a delegation situation, the nondelegating party is called the?

17. Lon has just come home from serving in the Marines and contracts with a local car dealership to purchase a car. The car must be ordered and payment is to be made when the car arrives. The next day, Lon receives orders to return to active duty. Realizing that he doesn't need the car, he brings Tony to the dealership and asks that Tony substitute for him. Lon will take delivery and ownership of the car and Lon will pay the dealership upon delivery. The dealership agrees to have Tony substitute for Lon. What has occurred?

18. Punishment damages are called:

19. Fred's Flooring (FF) contracts with Harry homeowner to install wood flooring throughout Harry's home. Harry was to purchase the flooring and the contract was solely for installation. Payment was to be 20% at the time that the work commenced and 80% once the flooring was installed. Harry purchased the flooring materials and paid the 20%, so FF began work. When FF was half way completed, Harry realized that he didn't have the money to pay FF upon completion so he bolted the doors and refused access. If FF wants to rescind the contract and be paid for work completed, FF would sue for:

20. When one party fails to perform under an agreement, the failing party has what the contract?