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5 Written questions

5 Matching questions

  1. Restitution Advantages:
  2. Specific Performance
  3. Satisfaction
  4. Compensatory Damages: Sale of goods
  5. Third party beneficiary contract
  1. a performance of the accord agreement
  2. b -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)
  3. c contract which parties to the contract intend that the contract benefit the third party
  4. d 1) Restitution is available in situations when damages cant be proved/difficult to prove
    2) Restitution can be used to recover specific property
    3) Results in greatest overall reward
  5. e -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

5 Multiple choice questions

  1. would reasonable person in position of beneficiary believe promisee intended to confer on the beneficiary the right to enforce contract?
  2. -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
  3. 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. 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
  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. Obligor/Obligeeobligor(owing obligation)
    obligee (one whom performance is owed)

          

  2. Statue of fraud denies-one party greatly influences a party -> overcome that party's free will
    -party being taken advantage of does not excerise free will in entering contract
    -fiduciary relationships
    -contract entered into under excessive/undue influence lacks voluntary consent -> voidable

          

  3. Dischargetransfer of duties to a 3rd party
    -party delegating duty (delgator) to the 3rd party (delegatee) is still obliged to preform on the contract even if delegatee fails to preform
    --> does not relieve the delegator of obligation to preform
    -delegatee still owes duty to original party in contract
    -no special form required

          

  4. Frustration of Purposesupervening circumstances make it impossible to attain the purpose both parties had in mind

          

  5. Liquidated Damages-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

          

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