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5 Written questions

5 Matching questions

  1. Anticipatory repudiation occures when
  2. Any beneficiary who is not deemed intended beneficiary is considered
  3. Reformation
  4. Mistake of value/quality
  5. Quasi Contract
  1. a contract is always enforceable
  2. b -equitable remedy
    -both parties have imperfectly expressed agreement in writing
    -courts can rewrite to reflect party's true intentions
    -evidence is strong that deed did not reflect agreement btwn parties due to mutual mistake -> deed reformed
    -court ordered usually for fraud or mutual mistake
    1) When 2 parties have made binding oral contract in writing but make error in terms -->correct and reform the written contract
    2) Parties have executed written covenant not to compete -> unreasonable time or area courts will make them reasonable
  3. c fictional contract imposed on parties by a court in fairness and justice
    -imposed to avoid unjust enrichment of one party at expense of anohter
    -courts act as if contract exists when there is no actual agreement
  4. d a sharp fluctuation in market prices create a situation in which performance of contract would be unfavorable to parties
  5. e incidental

5 Multiple choice questions

  1. condition that must be met before a party's promise becomes absolute
  2. delegator is still liable to obligee
  3. -one of trust (partners, physician patient)
    -have duty to disclose material facts
  4. private agreement between parties who have entered it...rights and liabilities under contract
  5. -amount of compensation is: equal to difference between contract price and market price at time and place which goods were to be delivered or tendered

    **EXCEPT: When buyer breaches and seller has not yet produced goods, compensatory damages equal lost profits on sale (instead of contract and market price difference)

5 True/False questions

  1. Quasi Contract Qualificationsthird party who benefits from a contract but whose benefit was not the reason the contract was formed

    -has no rights
    -cannot sue


  2. Objective Impossibility of Performance Doctrineobjective = "It cant be done"

    Subjective "I'm sorry i simply can't do it" -> ex. goods cannot be delivered on time because of freight car shortages and payment cannot be made on time because bank is closed


  3. Absolute promisespromises of performance are not expressly conditioned or qualified -> must be performed or parties of promising acts will be in breach


  4. Section 139 of Restatement (second) Contractslack of genuine assent/voluntary consent

    -> need both "meeting of minds"


  5. Obligor/Obligee-not material
    -can be suspended until breach has been corrected/cured
    -nonparty can sue for damages


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