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5 Written questions

5 Matching questions

  1. Mistake of fact (pg315)
  2. mutual rescission
  3. Third party beneficiary
  4. Compensatory Damages: Sale of goods
  5. Novation pg 328
  1. a only mistake that may allow a contract to be avoided/canceled
  2. b both parties agree to undo contract ->discharges contract
  3. c -new contract for an old one-> substitution
    -rights of old contract terminated
    -occurs when both of parties to a contract agree to SUBSTITUTE a THIRD party for one of the original parties

    Requirements:
    1) Previous valid obligation
    2) Agreement by all parties to new contract
    3) Extinguishing old obligation(discharge of prior party)
    four) A new contract that is valid
  4. d one for whose benefit a promise is made in a contract but who is not a party to the contract

    *DIRECTLY BENEFITS THIRD PERSON
  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. -party in good faith performs substantially all terms of contract can enforce contract against the other party
    -good faith required
    -minor breach -> must be in good faith
    -intentionally failing to comply is breach
    -courts use case-by-case basis
    -if performance is substantial -> other party's duty to perform is absolute (except can sue for damages due to minor changes)

    Qualifications:
    -performance must not vary greatly from performance promised in contract
    -performance must create same benefits as those promised
  3. delegator is still liable to obligee
  4. -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. process by which contract is canceled or terminated and parties return to prior positions

5 True/False questions

  1. Punitive 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

          

  2. Restitution is not limited to recession cases->one party wants to undo contract -> unilateral rescission is a remedy for breach of contract

          

  3. Mutual rescissiontransfer 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. Oral/Written/Recovery..Statues of Limitations...Limitation PeriodsOral contracts-> 2-3 years
    Written Contracts -> four to five years
    Recovery amounts (awarded in judgements)-> 10 - 20 years
    Suits for breach of a contract for sale of goods: four years after cause of action

    *PARTIES CAN REDUCE FOUR YEAR PERIOD TO LESS THAN ONE YEAR BUT CAN ALSO AGREE TO EXTEND IT

          

  5. Durress"guilty knowledge"
    -clearly exists if party knows that a fact is not stated or party makes a statement that he/she believes not to be true or makes statement recklessly without regard to whether it is true or false
    -knowledge on the part of the misrepresenting party that material facts have been falsely represented or omitted with an intent to decieve