Specific performance may be available for breach of contract

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Reference no: EM133808670

Questions

1. Statutes of limitations

a. define how much money the injured party can sue for under a breach of contract claim.

b. define whether there has been substantial performance of a contract or a material breach.

c. limit the time in which an injured party may sue.

d. only apply to the sale of goods. There is no statute of limitations on a service contract.

2. In January 2018, Professor Noe entered into a contract with State University. She agreed to teach full time during the 2018-2019 academic year. Professor Noe died on May 31, 2018. Her estate

a. will be discharged from any obligations under the contract only if it can be shown that her death was unexpected.

b. is discharged from any further obligations under the contract.

c. will not be discharged. If the University has to pay more in order to hire a comparable substitute professor at the last minute, then the estate will be responsible for the difference in pay.

d. is obligated to find another person who will agree to teach during the academic year.

3. In which case would true impossibility NOT apply?

a. Nelson contracted with a local restaurant to supply 10,000 pounds of potatoes, but a tornado tore through his field, completely destroying it.

b. A record company contracted with Darlene to produce a CD of traditional folk ballads; unfortunately, Darlene died before recording began.

c. Reed agrees to purchase an expensive piece of jewelry for $25,000; a week later, he tells the jeweler that he simply does not have that kind of money.

d. None of these are correct.

4. When one party breaches a contract, the discharged party

a. has no obligation to perform.

b. may sue the breaching party for damages.

c. has no obligation to perform, and may sue the breaching party for damages.

d. None of these are correct.

5. Specific performance may be available for the breach of a contract to sell

a. a 2007 Mustang in mint condition.

b. an original painting.

c. a Nintendo Wii video game system.

d. 20 shares of Walmart stock.

6. A contract clause which specifies the amount of damages to be paid in the event of a breach is called

a. a covenant of damages clause.

b. an incidental damages clause.

c. a reliance interest of damages clause.

d. a liquidated damages clause.

7. Solomon breaches his contract with Neal to purchase the 500 pairs of socks he had promised to buy. Neal is able to sell the 500 pairs to Renny for a much lower amount. Neal then sues Solomon for damages. Neal will be able to recover

a. the amount in the liquidated damages clause.

b. the difference between Solomon's contract price and the amount paid by Renny.

c. an amount which depends on whether Solomon intentionally breached because he found cheaper socks somewhere else.

d. Solomon's contract price.

8. To make a good faith purchase of goods similar to those in a contract is to

a. breach.

b. mitigate.

c. rescind.

d. cover.

9. Specific performance is always available in

a. agreements involving farm goods.

b. agreements involving vehicles.

c. real estate contracts.

d. employment contracts.

10. ?Which of the following statements concerning liquidated damages is NOT TRUE?

a. ?A liquidated damages clause will be enforced, if, when the contract was made, it was difficult to estimate actual damages.

b. ?Liquidated damages are enforceable even if the amount is considered to be a penalty on the breaching party.

c. ?The amount of liquidated damages must be a reasonable estimation of the actual harm resulting from a breach.

d. ?Nominal damages are not the same thing as liquidated damages.

Reference no: EM133808670

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