Chapter 8

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The legally justified cancellation and/or revocation of a contract and the return of the parties back to their original position is known as...?
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The legally justified cancellation and/or revocation of a contract and the return of the parties back to their original position is known as...?
rescission
There are two types of rescission, mutual and unilateral...?
true
Anticipatory repudiation is also known as...?
anticipatory breach
A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as...?
statute of frauds
Which of the following is an example of a defense for non-performance...?
statute of limitation
discharge of an obligation
mutual mistake
Valid contracts must have which of the following...?
consideration
The ability to sue for the enforcement of the contract is known as...?
enforceability
Which of the following contracts must be in writing...?
The sale of personal property valued over $500
Agreement to answer for the debt of another
Transfer of interest in real property
Contracts that cannot be performed within 1 year of acceptance must be in-writing...?
true
The statute of limitations for breach of an oral contract in California is...?
2 years
The statute of limitations for breach of a written contract in California is...?4 yearsThe statute of limitations for adverse possession in California is...?4 yearsA mutual rescission usually occurs when which of the following happens...?there is a mistake in the contractThe statute of limitations for trespassing in California is .......... years from the date the trespass is discovered?3The statute of limitations for fraud in California is ......... years from the date the fraud was discovered?3A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as...?assignmentOne who assigns or transfers property is referred to as a/an...?assignorThose whom property or interests therein shall have been transferred are referred to as...?assigneesMutual relationship to the same rights of property or contractual relationship is known as...?privityThe relationship which exists between the persons who are parties to a contract is known as...?privity of contractA mutual or successive right or interest in the same real property is known as...?privity of estateThe substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...?novationAn equitable proceeding brought by a third party acting in the capacity of a stake holder wherein there are rival claimants to the same money and/or property requesting the court to determine such properties disposition is known as...?interpleaderThe indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another is referred to as...?damagesDamages simply for the purpose of punishment are known as...?punitive damagesRemedies for the purpose of 'fairness and justice' are referred to as...?equitable remediesAn action to compel performance of an agreement is known as...?specific performanceThe sale of land as an alternative to damages or rescission is an example of...?specific performanceLegal remedies are also called...?damagesWhen a breach occurs before performance is due as a result of one party's unequivocal intention not to substantially perform, it is known as...?anticipatory repudiation