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Exam 14: Discharge and Remedies

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Question 1

True/False

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If the contract contains a clause in which an event must occur in order for a party's duty to arise,then that contract contains a condition precedent.

A) True
B) False

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Question 2

Multiple Choice

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Monetary damages awarded to a plaintiff in a very small amount are ________ damages.

A) consequential
B) punitive
C) liquidated
D) nominal
E) exemplary

F) All of the above
G) B) and E)

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D

Question 3

Multiple Choice

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Contracts containing conditions affecting the performance obligations of the parties are called ________ contracts.

Under the Uniform Commercial Code,when may a court order specific performance of a contract for the sale of goods?

Which of the following is a condition courts require in order to recognize substantial performance?

________ performance occurs when every aspect of the parties' duties under the contract is carried out perfectly.

________ is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party.

Frequently,real estate contracts are conditioned on an event such as the buyer's ability to sell his current home by a certain date.If the home does not sell,the condition does not arise,and the parties have no duty to perform and are thus discharged from the contract.This is an example of a contract that is subject to a ________.

List the ways by which a party's contractual obligations can be terminated.

If the plaintiff is seeking legal damages that are designed to punish the defendant and deter him and others from engaging in similar behavior in the future,the plaintiff is seeking ________ damages.

List the elements required for substantial performance,and explain the effect substantial performance has on the damages awarded in a breach of contract action.

Powder Room Mess.For $300,000,Willis agrees to build a new home for Robert,who is very picky.Willis builds the home to Robert's specifications with one exception.The faucets and linoleum flooring in an upstairs powder room are not exactly what Robert specified.That was a mistake on Willis's part,but he had not intentionally failed to follow specifications.When Robert sees the powder room,he goes ballistic and tells Willis that he will not pay Willis anything for the house.It will take $300 to put in correct faucets and linoleum.Willis says that he is willing to pay $300 to put Robert in the position he would have been in had the correct faucets and linoleum been used,but that is all he is willing to pay.Which of the following is true regarding whether Willis breached the contract?

Which of the following is not an equitable remedy available for a breach of contract?

Suppose that Jeremiah was unfairly terminated before his employment contract expired,and he had to spend $500 to find another job.His job search expenditures would be considered ________ damages.

Usually,injunctions are prohibitions against actions.

If the plaintiff is seeking legal damages which would put him in the same position he would have been in had the contract been fully performed,he is suing for ________ damages.

Monetary damages are also referred to as equitable damages.

The three types of contractual conditions are condition precedent,condition subsequent,and recurrent conditions.

Specific performance is also referred to as reformation.

Which of the following occurs when the parties to the agreement wish to replace one of the parties with a third party?