Which an anticipatory repudiation occurs

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Reference no: EM132201696

1. What is a typical situation in which an anticipatory repudiation occurs?

A discharge by agreement is fully accepted.

One party to the contract experiences a sudden increase in investment income.

One party to the contract faces financial hardship due to sharp market price fluctuations.

One party to the contract dies

2. Now, instead of canceling their contract, William, Laverne, and Laverne's mother, Irma, form another contract in which they all agree that William will paint Irma's home instead of Laverne's. This new agreement is known as:

a breach of contract.

substantial performance.

a reformation.

a novation.

3. Finally, suppose that Irma's home catches on fire and burns to the ground before William can paint it. In this situation, the contract:

is terminated by performance.

is terminated by operation of law.

is terminated by an unspecified lapse.

is terminated by bankruptcy.

4. If in their contract for the sale of dairy cattle, Luis and Greenfield mistakenly agree to exchange ten cows for $200 dollars, when the sales price should have been $2000, they may seek which remedy?

restitution.

recovery based on quasi contract.

novation.

reformation.

5. If one person has partially performed under an unenforceable contract, the performing party would seek which remedy if he or she wants some payment?

Recovery based on quasi contract.

Recovery based on reformation.

Recovery based on specific performance.

Recovery based on attenuation.

6. Suppose now that Luis pays Greenfield, but Greenfield DOES NOT deliver the cows, so Greenfield is in breach of contract. If Luis wants those particular cows from Greenfield, he would seek which remedy?

He would seek specific performance.

He would seek consequential damages.

He would seek restitution.

He would seek compensatory damages.

7. If Luis contracts with Greenfield to buy several of Greenfield's dairy cows and if Greenfield delivers the cows but Luis doesn't pay for them, Greenfield may get his cows back if he asks a court for a remedy of:

specific performance.

novation.

reformation.

restitution.

Reference no: EM132201696

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