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5 Written Questions

5 Matching Questions

  1. Remedy
  2. Subject matter of contract is personal->
  3. Rescission
  4. mutual rescission
  5. Exceptions to rule that contract can prohibit any assignment of the contract:
  1. a process by which contract is canceled or terminated and parties return to prior positions
  2. b both parties agree to undo contract ->discharges contract
  3. c 1) Contract can't prevent an assignment of right to receive money
    -> encourages the free flow of mney and credit in business

    2) Assignment of rights in real estate cant be prohibited -> b/c it is contrary to public policy
    -> restraints against alienation (voluntary transfer of land ownership)

    3) The assignment of negotiable instruments (checks/promissiory notes) cannot be prohibited

    four) In a contract for the sale of goods, right to receive damages for breach of contract or for payment of an account owed may be assigned even tho the sales contracts prohibits assignment
  4. d contract to be performed to the satisfaction of one of the parties is conditioned, and performance must actually satisfy that party

    -contracts for portraits, works of arts and tailoring
    ->only personal satisfaction of party fulfills condition unless not acting in good faith
  5. e the relief provided for an innocent party when the other party has breached the contract

    *parties to a contract need to know these are available if one cannot preform as promised

5 Multiple Choice Questions

  1. -recognize wrongdoing with no monetary loss
    -no actual damage/financial loss results from breach of contract only a technical injury is involved
    -may award to innocent party
    -awards are small
    -defendant acted wrongfully
  2. one who is not a direct party to a particular contract...normally doesn't have rights under contract
  3. -courts refuse SP because forcing someone to perform personal services against their will -> involuntary servitude
    -courts don't want to monitor contracts
  4. is a contract to perform some act to satisfy an existing contractual duty
    -duty has not yet been discharged

    *once accord has been made the obligor can discharge obligation by performing either the obligation agreed to in the accord or original obligation

    *If obligor refuses to perform the accord--> obligee can bring action on the original obligation or seek a decree
  5. incidental

5 True/False Questions

  1. Contractprivate agreement between parties who have entered it...rights and liabilities under contract

          

  2. Misrepresentation by conduct/law-if seller knows of serious defect or potential problem that the buyer cannot reasonably expect to discover the seller may have a duty to speak

          

  3. Misrepresentation by silencesupervening circumstances make it impossible to attain the purpose both parties had in mind

          

  4. Third party beneficiarya third party for whose benefit a contract is formed; can sue the promisor if contract is breached

    -to whom performance is directed to
    -right to control details of performance
    -designated beneficiary in contract

    -3rd party demonstrates express consent
    -3P materially alters position
    -Conditions are satisifed

          

  5. Bilateral Mistakes-mutual mistakes
    -both parties are mistaken about same material fact
    -contract can be rescinded by either party (normally by adversely affected party)
    -parties had attached materially diff. meanings to an essential term of contract

          

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