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5 Written questions

5 Matching questions

  1. Restitution
  2. Tender
  3. Quasi Contract
  4. Condition precedent
  5. Third party beneficiary
  1. a -restored original position prior to loss or injury
    -returning goods, property or funds
    -if can be returned...then must be returned!
    -if goods/property have been consumed then restitution is made in dollar amount
    -recapture of a benefit conferred on the defendant that unjustly enriched them
  2. b condition that must be met before a party's promise becomes absolute
  3. c one for whose benefit a promise is made in a contract but who is not a party to the contract

    *DIRECTLY BENEFITS THIRD PERSON
  4. d 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
  5. e fictional 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 Multiple choice questions

  1. -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. -equitable remedy
    -both parties have imperfectly expressed agreement in writing
    -courts can rewrite to reflect party's true intentions
    -evidence is strong that deed did not reflect agreement btwn parties due to mutual mistake -> deed reformed
    -court ordered usually for fraud or mutual mistake
    OR
    1) When 2 parties have made binding oral contract in writing but make error in terms -->correct and reform the written contract
    2) Parties have executed written covenant not to compete -> unreasonable time or area courts will make them reasonable
  3. -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. fulfillment of one's duties arising under a contract with another way

    -normal way of discharging obligations
  5. -settlement to discharge original contract
    -must agree to accept performance that is different from performance originally promised

5 True/False questions

  1. Assignmentact 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. Restitution is not limited to recession cases->only unless it is an expert opinion

          

  3. Subjective impossibilitysee objective impossibility*

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

          

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

          

  5. Restitution Advantages:-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