Damages available for minor breach of contract

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Reference no: EM132252069

1. With regard to informal versus formal contracts, which is NOT true?

a. All contracts that are not formal are informal.

b. A negotiable instrument is a form of formal contract.

c. Informal contracts are only enforceable if specific words are used.

d. A letter of credit is a form of formal contract.

2. With regard to mutual mistakes of value versus mutual mistakes of subject matter -

a. mistakes of value may be rescinded; mistakes of subject matter may not be rescinded.

b. mistakes of value may not be rescinded; mistakes of subject matter may be rescinded.

c. mistakes of value may not be rescinded; mistakes of subject matter may not be rescinded.

d. mistakes of value may be rescinded; mistakes of subject matter may be rescinded.

3. Which of the following is NOT one of the common types of equitable remedy discussed in Chapter 9?

a. specific performance

b. reformation

c. liquidated damages

d. injunction

4. What are the damages available for a minor breach of a contract?

a. substantial performance

b. costs to repair

c. contract price

d. equitable damages

5. ____ is a type of data encryption that enables users of the Internet to securely and privately exchange data through the use of a pair of keys that is obtained from a trusted authority and shared through that authority.

a. A private key infrastructure

b. Open key encryption

c. Secret key encryption

d. A public key infrastructure

Reference no: EM132252069

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