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5 Written questions

5 Matching questions

  1. Quasi Contract Qualifications
  2. Frustration of Purpose
  3. Any duty can be delegated except:
  4. Specific Performance + Non breaching parties:
  5. Mutual rescission
  1. a 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
  2. b -agreement btwn parties to cancel contract
    -releases party from obligations
    -object of agreement: restore parties to positions occupied before contract formed
    -parties must make another agreement

    must be offer, acceptance and consideration
  3. c attractive to nonbreaching parties:

    1) NB party doesn't have to worry about collecting monetary damages awarded by court
    2) NB Party doesnt spend time seeking alternative contract
    3) Performance is more valuable than monetary damages
  4. d 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
  5. e supervening circumstances make it impossible to attain the purpose both parties had in mind

5 Multiple choice questions

  1. guarantor seeks to secure personal benefit
    *Exception in collateral promises
  2. performance is not substantial
    -nonbreaching party is excused from performance of duties ->can sue for damages
  3. only mistake that may allow a contract to be avoided/canceled
  4. certain amount to be paid in event of default or breach
    -penalize breaching party
    -generally not enforceableEquitable remedies
    -if amount is not reasonable the court will not enforce it but will limit recovery to ACTUAL damages
  5. contract which parties to the contract intend that the contract benefit the third party

5 True/False questions

  1. Damages compensatefor the nonbreaching party for loss of bargain
    -innocent parties must be placed in position they would have occupied had contract been fully performed


  2. One year Rule-contract that by its terms cannot be preformed in 1 year of execution


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


  4. Novation pg 328-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

    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. Statue of Frauds-> Writing requirement-> business contracts that MUST be in writing to be enforceable1) Contracts involving land (sales, fixtures, leases, mortgages and easements
    -->Exceptions: partial performance, admission, promissionary estoppel

    2) Contracts that cannot be preformed within year of date of formation
    -->Exceptions: Admission, promissionary estoppel

    3) Collateral contracts -> promises to answer for the debt or duty of another
    -->Exceptions: Main purpose rule, Admission, promissionary estoppel

    four) Promises made in consideration of marriage

    5) UCC-> contracts for sale of goods 500 dollars+
    -->Exceptions: oral contracts for sale of customized goods ma be enforced, admission (quantity), partial performance, contracts between merchants may be enforced, detrimental reliance (321)