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5 Written Questions

5 Matching Questions

  1. Frustration of Purpose
  2. Restitution is not limited to recession cases->
  3. Condition precedent
  4. Remedy
  5. Restitution
  1. a 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
  2. b supervening circumstances make it impossible to attain the purpose both parties had in mind
  3. c -restored original position prior to loss or injury
    -returning goods, property or funds
    -if can be returned...then must be returned!
    -if goods/property have been consumed then restitution is made in dollar amount
    -recapture of a benefit conferred on the defendant that unjustly enriched them
  4. d -restitution may be required when contract is rescinded but the right to restitution is not limited to rescission cases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
  5. e condition that must be met before a party's promise becomes absolute

5 Multiple Choice Questions

  1. -indirect and foreseeable losses
    -compensate for a loss that does not directly or immediately result from a breach
    -for plaintiff to collect: must have been reasonably foreseeable at time breach/injury occured
    -flow from consequences or results of a breach
    -breaching party must know ( or have reason to know) special circumstances will cause the nonbreaching party to suffer an additional loss
    -a seller who does not wish to take on risk of consequential damages can limit buyer's remedies via contract

    ex. seller fails to deliever goods, knowing buyer is planning to sell goods immediately-> consequential damages awarded for profits from planned resale
  2. performance is conditioned on reasonable satisfaction
  3. contract is always enforceable
  4. 1) Alteration of contract
    --> law allows innocent party to be discharged when other party has materially altered a written contract WITHOUT CONSENT
    ex. price changing without knowledge or consent of all parties -> party not involved in alteration can treat contract as terminated

    2) Statutes of Limitations(see definition)
    -->restrict period during which party can sue on a particular cause of action..after period has passed a suit cannot be brought
    **AUTOMATICALLY DISCHARGES

    3) Bankruptcy
    --> allocate assets a debtor owns creditor in fair and equitable fashion-->assets allocated-->debtor receives a discharge in bankruptcy(see def)

    four) Impossibility or Impracticability of Performance:
    -->after contract is made performance is impossible (see def.)
  5. both parties agree to undo contract ->discharges contract

5 True/False Questions

  1. Anticipatory Repudiation of Contract pg 327assertion he or she will not preform an obligation that the party is contractually obligated to perform at a future time
    -treated as material
    -nonbreaching party-> seek damages

          

  2. If delegatee fails to preformdelegator is still liable to obligee

          

  3. Scienterunconditional offer to preform by a person who is ready, willing and able to do so

    -party making tender can sue for breach of contract

          

  4. Objective Impossibility of Performance Doctrine-party preforms exactly as agreed
    -no question
    -if specifications are conditions-> performance is required to avoid material breach
    -if specifications arent conditions-> performance is not complete

          

  5. Subject matter of contract is personal->parties alone have rights and liabilities under a contract

    Exceptions: party can transfer rights or duties from contract to another person through an assignment of rights or delegation or duties
    or third party beneficiary contract

          

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