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5 Written questions

5 Matching questions

  1. Consequential Damages/special damages
  2. Accord pg 328
  3. Reformation
  4. Material breach
  5. Restitution Advantages:
  1. a is a contract to perform some act to satisfy an existing contractual duty
    -duty has not yet been discharged

    *once accord has been made the obligor can discharge obligation by performing either the obligation agreed to in the accord or original obligation

    *If obligor refuses to perform the accord--> obligee can bring action on the original obligation or seek a decree
  2. b -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
  3. c -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
    OR
    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. d 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. e 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 Multiple choice questions

  1. -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
  2. enforceability to certain contracts -> must be in writing to be enforceable
  3. third party who benefits from a contract but whose benefit was not the reason the contract was formed

    -has no rights
    -cannot sue
  4. -courts may excuse parties from obligations when performances becomes much more difficult or expensive than planned at time contract was formed
    -not known or foreseeable

    -to invoke this doctrine successfully: anticipated performance must become EXTREMELY difficult or costly
    -burden of performing must be extreme and unforeseeable when contract was made
  5. -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 True/False questions

  1. Misrepresentation by conduct/lawbar creditors from enforcing most of their contracts with debtor-> partial payment of a debt after discharge in bankruptcy will not revive debt

          

  2. Rights that cannot be assigned/transferred pg. 322-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. Mistake of value/qualitycontract is always enforceable

          

  4. Specific Performance-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. Quasi Contractual recovery is often grantedParty 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