Exam 14: Breach of Contract and Remedies

Kinlin,a furniture retailer has a contract with William Woods,a carpenter.The contract states that Woods must deliver five tables and that Kinlin would pay $2,000 per table.However,Woods manages to deliver only four tables and Kinlin needs to buy the fifth table from another supplier for $3,000.How much money can Kinlin recover from Woods as compensatory damages?

"A nonbreaching party can sue the breaching party without making efforts to reduce the damages caused by the breach of contract." Discuss this statement with an example.

Kimberly,Inc.,a jewelry store,and JKCent,a retailer,draft a contract that permits JKCent to retail Kimberly's jewelry in its stores.However,the parties discover a minor clerical error six months into the contract and the court rewrites their contract.This is an instance of ________.

When a party commits an anticipatory breach,the nonbreaching party ________.

An employee who has been dismissed improperly accepts a job that is less comparable.Which of the following is a subsequent course of action?

Which of the following is used in case of a breach of contract that cannot be adequately compensated through monetary awards?

A(n)________ breach of a contract occurs when a party renders inferior performance of his or her contractual obligations.

Nett Labs orders 30 desktop computers from iDeal,a local computer dealer.Nett Labs requires that each computer has a 2.6 GHz processor,500 GB hard disk,and Windows operating system.iDeal supplies 30 desktop computers,each with a 2 GHz processor,500 GB hard disk and Windows operating system.Which of the following terms hold true for iDeal's performance?

________ damages are usually awarded in a small amount.

Which of the following is true of monetary damages?

How can the breaching party of a contract be made to perform the acts promised in the contract? This remedy would apply for which types of contracts?

Which of the following terms refers to an unconditional and absolute offer by a contracting party to perform his or her obligations under a contract?

A ________ is an order of the court that enables a government officer to seize property of a breaching party and sell it at an auction to satisfy a judgment.

Liquidated damages are enforceable only if the actual damages are easy and practical to determine.

What are the consequences of a breaching party refusing to pay the judgment on a breach of contract?

Which of the following statements is true of discharge of contracts?

QuickClicks,an online advertising company makes a contract to purchase six computers from Comptail,a local retailer,for $20,000.However,Comptail breaches the contract by not delivering the computers on time.The next day,QuickClicks manages to purchase six computers from another retailer for $18,000 and receives immediate delivery.QuickClicks can bring a lawsuit against Comptail and recover ________ damages.

Parties to a contract agree in advance to pay ________ damages if the contract is breached.

Why would a buyer want to rescind an existing contract with a seller?

When a party to a contract renders substantial performance,the nonbreaching party ________.