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5 Written questions

5 Matching questions

  1. Specific Performance
  2. Rescission
  3. Intended Beneficiary
  4. Liquidated Damages
  5. Temporary Impossibility
  1. a 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
  2. b -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
  3. c -"fixed"/determined/settled, certain dollar amount...stipulated in contract
    -agreed by both parties
    -paid in event of breach
    -must be reasonable estimate of damages that would result from a breach
    -normally enforceable
    -usually in construction contracts
  4. d process by which contract is canceled or terminated and parties return to prior positions
  5. e -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 Multiple choice questions

  1. act of transferring contractual rights to a third party
    -transfer all or parts of ones rights under contract
    -assignee has right to demand performance from original (obligor) to contract
    -rights of the assignor (making the assignment) are extinguished
  2. reasonable person unless expressly state otherwise
  3. unconditional offer to preform by a person who is ready, willing and able to do so

    -party making tender can sue for breach of contract
  4. 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
  5. see objective impossibility*

    -excuses do not discharge contract
    -nonperforming party is held in breach of contract

5 True/False questions

  1. Compensatory Damages: Sale of land-seller's breach of contract for a sale of real estate remedy is: SPECIFIC PERFORMANCE
    -buyer is awarded the parcel of property for which they bargained for
    -if remedy is unavailable-> measure of damages is:
    difference between contract price and market price of land

          

  2. Accord and Satisfaction discharge-settlement to discharge original contract
    -must agree to accept performance that is different from performance originally promised

          

  3. Agreements to rescind contracts involving transfers of LAND:-seller's breach of contract for a sale of real estate remedy is: SPECIFIC PERFORMANCE
    -buyer is awarded the parcel of property for which they bargained for
    -if remedy is unavailable-> measure of damages is:
    difference between contract price and market price of land

          

  4. Condition precedent-nonbreaching party has several remedies available
    -common law requires party to chose which remedy to pursue
    -purpose: To prevent double recovery

          

  5. Undue influence-not material
    -can be suspended until breach has been corrected/cured
    -nonparty can sue for damages

          

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