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5 Written Questions

5 Matching Questions

  1. Tender
  2. Breach of contract
  3. Accord and Satisfaction pg 328
  4. Consequential Damages/special damages
  5. Remedies under UCC
  1. a unconditional offer to preform by a person who is ready, willing and able to do so

    -party making tender can sue for breach of contract
  2. b -cumulative
    -include all remedies for breach of sales or lease contract
  3. c the failure, without legal excuse, of a promisor to preform the obligations of a contract
  4. d -settlement to discharge original contract
    -must agree to accept performance that is different from performance originally promised
  5. e -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

5 Multiple Choice Questions

  1. -contract that by its terms cannot be preformed in 1 year of execution
  2. one who is not a direct party to a particular contract...normally doesn't have rights under contract
  3. 1) Special trust has been placed in the obligor (person contractually obligated to perform)

    2) When performance depends on personal skill or talents of obligor

    3) When performance by 3rd party will materially vary from that expected by obligee (one whom performance is owed)

    four) When contract expressly prohibits delegation
  4. -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
  5. -party takes specific action to conceal a fact...material to the contract (pg 317)
    -misrep. by law ordinarily does not entitle a party to be relieved except when the misrepresenting party is in a profession known to require greater knowledge of the law than average citizen possesses (lawyer/real restate brokers)

5 True/False Questions

  1. Section 139 of Restatement (second) Contractsperformance is conditioned on reasonable satisfaction

          

  2. 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

          

  3. Intended Beneficiarythird party who benefits from a contract but whose benefit was not the reason the contract was formed

    -has no rights
    -cannot sue

          

  4. Restitution-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

          

  5. Absolute promises-forcing party to do something including entering a contract through fear or threats->threatened act must be ILLEGAL
    -consent is not voluntary when forced in agreement
    -blackmail/extortion
    -defense to enforcement of contract
    -economic need is not durress!**
    -recission of contract

          

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