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5 Written questions

5 Matching questions

  1. Damages compensate
  2. Objective impossibility vs. subjective
  3. Parties in fiduciary relationship rosenzweig v. givens pg 319
  4. Any beneficiary who is not deemed intended beneficiary is considered
  5. Accord and Satisfaction discharge
  1. a objective = "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. b incidental
  3. c for the nonbreaching party for loss of bargain
    -innocent parties must be placed in position they would have occupied had contract been fully performed
  4. d -one of trust (partners, physician patient)
    -have duty to disclose material facts
  5. e original contract obligation

5 Multiple choice questions

  1. -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    -contract can be rescinded by either party (normally by adversely affected party)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
  2. 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
  3. lack of genuine assent/voluntary consent

    -> need both "meeting of minds"
  4. 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
  5. -occurrence or event that makes performance temporarily impossible
    -performance is suspended until impossibility ceases --> must preform as originally planned
    **if LAPSE of time/ change in circumstances surrounding contract make it more burdensome to preform -> contract destroyed

    ex. hurricane katrina -> causes temporarily impossibility -> still must pay for necessary repairs as written pg. 330

5 True/False questions

  1. Substantial Performance pg 325-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

          

  2. Obligor/Obligee-not material
    -can be suspended until breach has been corrected/cured
    -nonparty can sue for damages

          

  3. Contracts need to be performed only to satisfaction ofreasonable person unless expressly state otherwise

          

  4. Mutual rescissionprocess by which contract is canceled or terminated and parties return to prior positions

          

  5. Unilateral mistake -> Material factcontract is always enforceable

          

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