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5 Written questions

5 Matching questions

  1. Incidental Beneficiary
  2. Frustration of Purpose
  3. Anticipatory Repudiation of Contract pg 327
  4. Intended Beneficiary
  5. Condition
  1. a assertion 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. b supervening circumstances make it impossible to attain the purpose both parties had in mind
  3. c third party who benefits from a contract but whose benefit was not the reason the contract was formed

    -has no rights
    -cannot sue
  4. d qualification, provision or clause in a contractual agreement
    -the occurance or nonoccurance of which creates, suspends or terminates obligations of contracting parties

    -if conditions are not satisifed that obligations of the parties are discharged-> cannot be enforced
  5. e a third party for whose benefit a contract is formed; can sue the promisor if contract is breached

    -to whom performance is directed to
    -right to control details of performance
    -designated beneficiary in contract

    -3rd party demonstrates express consent
    -3P materially alters position
    -Conditions are satisifed

5 Multiple choice questions

  1. guarantor seeks to secure personal benefit
    *Exception in collateral promises
  2. 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.)
  3. private agreement between parties who have entered it...rights and liabilities under contract
  4. performance is not substantial
    -nonbreaching party is excused from performance of duties ->can sue for damages
    -ONLY TYPE OF BREACH THAT DISCHARGES NONBREACHING PARTY FROM CONTRACT
  5. 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

5 True/False questions

  1. Objective impossibility vs. subjectiveobjective = "It cant be done"

    Subjective "I'm sorry i simply can't do it" -> ex. goods cannot be delivered on time because of freight car shortages and payment cannot be made on time because bank is closed

          

  2. Compensatory Damages-punish and deter wrong doing
    -not awarded for breach of contract
    -no legit. place in contract law -> penalities
    -breach of contract is not unlawful in a CRIMINAL sense
    -punitive damages CAN result when person's actions cause both a breach of contract and atort

          

  3. Opinion is not fact ->only mistake that may allow a contract to be avoided/canceled

          

  4. Unilateral rescission-mutual mistakes
    -both parties are mistaken about same material fact
    -contract can be rescinded by either party (normally by adversely affected party)
    -parties had attached materially diff. meanings to an essential term of contract

          

  5. Compensatory Damages: Sale of goods-covers direct losses and costs
    -nonbreaching party-> loss of bargain
    -compensate injured party for damages proved directly from loss of bargain caused by breach
    -replace what was lost
    -standard measure: difference between value of the breaching party's promised performance and value of actual performance
    -amount is reduced by any loss the injured party has avoided

          

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