NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. Minor breach
  2. Satisfaction
  3. Specific Performance
  4. Temporary Impossibility
  5. Novation pg 328
  1. a -not material
    -can be suspended until breach has been corrected/cured
    -nonparty can sue for damages
  2. b -equitable remedy
    -requires performance that was specified in contract
    -granted only when money damages would be an INADEQUATE remedy--> real property, sale of goods pg 336
  3. c performance of the accord agreement
  4. d -occurrence or event that makes performance temporarily impossible
    -performance is suspended until impossibility ceases --> must preform as originally planned
    **if LAPSE of time/ change in circumstances surrounding contract make it more burdensome to preform -> contract destroyed

    ex. hurricane katrina -> causes temporarily impossibility -> still must pay for necessary repairs as written pg. 330
  5. e -new contract for an old one-> substitution
    -rights of old contract terminated
    -occurs when both of parties to a contract agree to SUBSTITUTE a THIRD party for one of the original parties

    Requirements:
    1) Previous valid obligation
    2) Agreement by all parties to new contract
    3) Extinguishing old obligation(discharge of prior party)
    four) A new contract that is valid

5 Multiple Choice Questions

  1. -settlement to discharge original contract
    -must agree to accept performance that is different from performance originally promised
  2. when one party has partially performed under a contract that is unenforceable
    -alternative to suing for damages
    -allows party to recover the reasonable value of partial performance
  3. enforceability to certain contracts -> must be in writing to be enforceable
  4. a sharp fluctuation in market prices create a situation in which performance of contract would be unfavorable to parties
  5. 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

5 True/False Questions

  1. Restitution is not limited to recession cases->-restitution may be required when contract is rescinded but the right to restitution is not limited to rescission cases
    -sought in actions for: breach of contract, tort actions, or at law or in equity
    -can usually be obtained when funds or property have been transferred by mistake or fraud

          

  2. Mistake of value/qualityenforceability to certain contracts -> must be in writing to be enforceable

          

  3. Parties in fiduciary relationship rosenzweig v. givens pg 319-one of trust (partners, physician patient)
    -have duty to disclose material facts

          

  4. Breach of contractfictional 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

          

  5. Discharge in bankruptcytermination of an obligation

    occurs when parties have fully performed their contractual obligations -> or when events, conduct of the parties or operation of law releases the parties from performance

          

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