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6 Written questions

6 Multiple choice questions

  1. ● Money the innocent party expected to receive and keep if contract was fully performed
    ● "Profit"
    ● If performance isn't 100%, then these damages can't be greater than if performed completely and received damages
  2. Requiring the guilty party to perform contract
  3. Allowing the innocent party to cancel the contract and (try to) return to pre contract position
  4. ● Compensatory
    ● Expectancy
    ● Consequential
    ● Liquidated
  5. If breach of contract, what can I do about it?
  6. ● Damages
    ● Specific Performance
    ● Unilateral Rescission

5 True/False questions

  1. DamagesIf breach of contract, what can I do about it?

          

  2. Liquidated Damages● Previously agreed damage amount
    ● In lieu of consequential damages, and maybe compensatory and expectancy above
    ● Why? - because people are risk averse

          

  3. Unilateral Rescission● Innocent Party should be placed IF POSSIBLE in exactly the same position as if guilty party had performed contract
    ● "Benefit of the Bargain"

          

  4. Positive Specific Performance● Require guilty party to perform contract because no other remedy can put innocent party in same position
    ● For personal services, can only use if government-safety-related
    ● Professional sports - can't make them perform

          

  5. Specific Performance● Make the guilty party perform the contract
    ● When money damages are inadequate because subject matter in unique (land, jewelry, racehorses)
    ● Positive & Negative