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5 Written questions

5 Matching questions

  1. Accord and Satisfaction pg 328
  2. Third party beneficiary
  3. Compensatory Damages: Sale of goods
  4. Section 139 of Restatement (second) Contracts
  5. Specific Performance + Non breaching parties:
  1. a -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)
  2. b one for whose benefit a promise is made in a contract but who is not a party to the contract

    *DIRECTLY BENEFITS THIRD PERSON
  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 -settlement to discharge original contract
    -must agree to accept performance that is different from performance originally promised
  5. e -based on detrimental reliance
    -oral promise can be enforceable if reliance was foreseeable to person making promise
    -if injustice can be avoided only by enforcing the promise
    -court may also enforce an oral contract if party against whom enforcement admits that a contract sale was made

5 Multiple choice questions

  1. -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
  2. one party wants to undo contract -> unilateral rescission is a remedy for breach of contract
  3. -not material
    -can be suspended until breach has been corrected/cured
    -nonparty can sue for damages
  4. -contract that by its terms cannot be preformed in 1 year of execution
  5. incidental

5 True/False questions

  1. Durress-forcing party to do something including entering a contract through fear or threats->threatened act must be ILLEGAL
    -consent is not voluntary when forced in agreement
    -blackmail/extortion
    -defense to enforcement of contract
    -economic need is not durress!**
    -recission of contract

          

  2. Tenderunconditional offer to preform by a person who is ready, willing and able to do so

    -party making tender can sue for breach of contract

          

  3. Intended Beneficiarya 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

          

  4. Privity of Contract principlefictional contract imposed on parties by a court in fairness and justice
    -imposed to avoid unjust enrichment of one party at expense of anohter
    -courts act as if contract exists when there is no actual agreement

          

  5. Mitigation of Damages-when breach of contract occurs innocent injured party is held to a duty to reduce the damages they suffer
    -duty owed depends on nature of contract
    -a rule requiring a plaintiff to do whatever is reasonable to minimize damages caused by defendant

    ex. Tenant fails to pay rent -> landlord finds new tenant -> former tenant is liable for difference between amount of rent in original lease and rent recieved from tenant (three thirty four)

    ex. terminated employees have duty to take similar jobs if available -> failure to do so -> damages will be equivalent to their salaries less the incomes they would have received in similar jobs obtained by reasonable means