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5 Written questions

5 Matching questions

  1. Contract
  2. Novation pg 328
  3. Justifiable reliance
  4. Discharge in bankruptcy
  5. Objective impossibility vs. subjective
  1. a -decieved party must have justifiable reason for relying on misrepresentation
    -misrep. must be an important factor (doesnt have to be sole factor) in inducing party
    -Reliance is not justified if innocent party knows the true facts or relies on extravagant statements
    (pg. 320)

    *If person SHOULD know facts -> not justifiable
    *If person has no way of finding out facts -> may be justified
  2. b bar creditors from enforcing most of their contracts with debtor-> partial payment of a debt after discharge in bankruptcy will not revive debt
  3. c 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
  4. d private agreement between parties who have entered it...rights and liabilities under contract
  5. e -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

5 Multiple choice questions

  1. termination of an obligation

    occurs when parties have fully performed their contractual obligations -> or when events, conduct of the parties or operation of law releases the parties from performance
  2. -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)
  3. -not material
    -can be suspended until breach has been corrected/cured
    -nonparty can sue for damages
  4. Party 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
  5. -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 True/False questions

  1. Frustration of Purposesupervening circumstances make it impossible to attain the purpose both parties had in mind

          

  2. Obligor/Obligeeobligor(owing obligation)
    obligee (one whom performance is owed)

          

  3. Specific Performance: Sale of Land-SP is granted to a buyer in a contract for sale of land
    -every parcel of land is unique ->monetary damages don't suffice!
    -only when SP is unavailable money will be awarded instead

          

  4. mutual rescissionone party wants to undo contract -> unilateral rescission is a remedy for breach of contract

          

  5. Condition precedentcondition that must be met before a party's promise becomes absolute