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5 Written questions

5 Matching questions

  1. Complete performance
  2. Compensatory Damages: Sale of goods
  3. Subjective impossibility
  4. US vs German law -> impossibility
  5. Delegation
  1. a US: remedy to rescind contract if it is impossible or impracticable to preform

    German: court may adjust the terms of (reform) a contract in light of economic developments
    ->if unforeseen events affects foundation of agreement court can alter contract terms in view of disruption in expectations --> makes the contract fair to the parties
  2. b transfer 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
  3. c -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
  4. d see objective impossibility*

    -excuses do not discharge contract
    -nonperforming party is held in breach of contract
  5. e -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)

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. the failure, without legal excuse, of a promisor to preform the obligations of a contract
  3. -equitable remedy
    -both parties have imperfectly expressed agreement in writing
    -courts can rewrite to reflect party's true intentions
    -evidence is strong that deed did not reflect agreement btwn parties due to mutual mistake -> deed reformed
    -court ordered usually for fraud or mutual mistake
    1) When 2 parties have made binding oral contract in writing but make error in terms -->correct and reform the written contract
    2) Parties have executed written covenant not to compete -> unreasonable time or area courts will make them reasonable
  4. 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
  5. 1) Contracts involving land (sales, fixtures, leases, mortgages and easements
    -->Exceptions: partial performance, admission, promissionary estoppel

    2) Contracts that cannot be preformed within year of date of formation
    -->Exceptions: Admission, promissionary estoppel

    3) Collateral contracts -> promises to answer for the debt or duty of another
    -->Exceptions: Main purpose rule, Admission, promissionary estoppel

    four) Promises made in consideration of marriage

    5) UCC-> contracts for sale of goods 500 dollars+
    -->Exceptions: oral contracts for sale of customized goods ma be enforced, admission (quantity), partial performance, contracts between merchants may be enforced, detrimental reliance (321)

5 True/False questions

  1. Oral/Written/Recovery..Statues of Limitations...Limitation PeriodsParty seeking recovery must show:
    1) Party conferred a benefit on the other party
    2) Party conferred the benefit w/reasonable expectation of being paid
    3) Party seeking recovery did not volunteer
    four) Party receiving benefit would be unjustly enriched by retaining the benefit without paying it


  2. Quasi Contract Qualificationsperformance of the accord agreement


  3. Satisfaction-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. Condition precedentprivate agreement between parties who have entered it...rights and liabilities under contract


  5. Section 139 of Restatement (second) Contractslack of genuine assent/voluntary consent

    -> need both "meeting of minds"


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