Exam 12: Third Parties,discharge,and Remedies

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Better Houses,Inc.has been contracted to build an addition on the Joyners' house.It built half of the addition and then unexpectedly announced that it was not going to finish the job.Better Houses' decision to stop the job is called a(n):

(Multiple Choice)

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Question 41

The City of Newburyport contracted with Ace Paint Contractors for the repainting of a steel bridge.The contract specifically called for the use of a particular brand of paint called Nopeel Paint.It was later discovered that Ace used another brand of paint.Discuss the situation if Nopeel Paint decides to bring a lawsuit against Ace Paint Contractors.

(Essay)

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Question 42

Stella contracts to purchase Wilma's horse,Running Cloud,for $10,000.The horse dies soon after the contract is signed,but prior to Stella taking possession of the horse.Wilma can sue Stella for specific performance.

(True/False)

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Question 43

Joe pays for his food at the drive-thru window as he receives it.The payment and the receipt of the food are ________ conditions.

(Multiple Choice)

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Question 44

Henry borrows money from Commerce Bank to purchase a house.However,he moves to another city to attend graduate school and sells the house to Maria.Henry wants to be released from his payment obligations to Commerce Bank.Which of the following would release Henry from his liability to Commerce Bank?

(Multiple Choice)

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Question 45

________ occurs when a party to a contract either expresses or clearly implies an intention not to perform the contract,even before being required to act.

(Multiple Choice)

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Question 46

Martin entered into a written contract to sell Anna his football card collection for $10,000,payable in five installments.Martin then orally told Cathy that she could collect the proceeds of his sale.Discuss Cathy's legal rights.

(Essay)

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Question 47

If,for no consideration,Jackson transfers his accounts receivable to Friendly Finance Company to hide them from his creditors,Jackson's creditors would be able to sue Friendly under the fraudulent conveyance theory.

(True/False)

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Question 48

An intended beneficiary is an outside party that can legally enforce the contract against all,except for those in privity of contract.

(True/False)

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Question 49

Which of the following is true of consequential damages?

(Multiple Choice)

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Question 50

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Exam 12: Third Parties,discharge,and Remedies

Better Houses,Inc.has been contracted to build an addition on the Joyners' house.It built half of the addition and then unexpectedly announced that it was not going to finish the job.Better Houses' decision to stop the job is called a(n):

Stella contracts to purchase Wilma's horse,Running Cloud,for $10,000.The horse dies soon after the contract is signed,but prior to Stella taking possession of the horse.Wilma can sue Stella for specific performance.

Joe pays for his food at the drive-thru window as he receives it.The payment and the receipt of the food are ________ conditions.

Henry borrows money from Commerce Bank to purchase a house.However,he moves to another city to attend graduate school and sells the house to Maria.Henry wants to be released from his payment obligations to Commerce Bank.Which of the following would release Henry from his liability to Commerce Bank?

________ occurs when a party to a contract either expresses or clearly implies an intention not to perform the contract,even before being required to act.

Martin entered into a written contract to sell Anna his football card collection for $10,000,payable in five installments.Martin then orally told Cathy that she could collect the proceeds of his sale.Discuss Cathy's legal rights.

If,for no consideration,Jackson transfers his accounts receivable to Friendly Finance Company to hide them from his creditors,Jackson's creditors would be able to sue Friendly under the fraudulent conveyance theory.

An intended beneficiary is an outside party that can legally enforce the contract against all,except for those in privity of contract.

Which of the following is true of consequential damages?

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