Question 1

An agreement to end a contract, with extra consideration to be supplied by the party benefiting from the discharge, is known as ________.

Accepted Answer

accord and

Question 2

What is the legal position of the victim of an anticipatory breach?

Accepted Answer

The victim of such a breach has a choice

Question 3

A term in a contract that says that on the occurrence of a specific event the parties' obligations will end is an example of a

Accepted Answer

A)  condition subsequent. 
B)  condition precedent. 
C)  discharge by frustration. 
D)  tender of performance. 
E)  discharge by agreement. 
A)  condition subsequent. 
B)  condition precedent. 
C)  discharge by frustration. 
D)  tender of performance. 
E)  discharge by agreement.

Question 4

Joe paid Sam a debt owed of $50,000 by giving him 10,000 $5 bills. Sam refused to accept the payment. Explain this legal position.

Accepted Answer

Coin is not involved here and

Question 5

Monroe sold computers. On the purchase of a new StarSystem computer the buyer signed the written contract that contained the following clause: "The seller is not liable for any breach of condition or warranty express or implied in this contract." The buyer was a businessman who intended to use the machine in his business for a while and then resell it. The machine was used properly but didn't operate well, and within one week it would not work at all. Monroe refused to take back the machine or to refund any money by relying on the exemption clause. Which of the following would be the buyer's best argument for avoiding the effect of the exemption clause in this case?

Accepted Answer

A)  Such clauses are prohibited under contract law and are therefore void. 
B)  The buyer had no notice of the clause; therefore, it is not a term of the contract. 
C)  On a narrow interpretation of the words used in the exemption clause, they do not cover his complaint. 
D)  There is a fundamental breach of contract. 
E)  There is a breach of a non-essential term of the contract. 
A)  Such clauses are prohibited under contract law and are therefore void. 
B)  The buyer had no notice of the clause; therefore, it is not a term of the contract. 
C)  On a narrow interpretation of the words used in the exemption clause, they do not cover his complaint. 
D)  There is a fundamental breach of contract. 
E)  There is a breach of a non-essential term of the contract.

Question 6

Suppliers of goods and services try to eliminate their liability, and the courts have discouraged this by applying the principle that some failures are so significant that there is no performance of the contract. This concept is known as

Accepted Answer

A)  repudiation. 
B)  frustration. 
C)  anticipatory breach. 
D)  fundamental breach. 
E)  exculpatory clause. 
A)  repudiation. 
B)  frustration. 
C)  anticipatory breach. 
D)  fundamental breach. 
E)  exculpatory clause.

Question 7

Joe was a student at the local college and agreed to paint Harry's house during the Easter Break. A month before that time, he informed Harry that he had an opportunity to go to Hawaii and that he wouldn't be painting the house. What can Harry do in these circumstances?

Accepted Answer

Either he can demand performance, wait f

Question 8

Which of the following is true with regard to remedies for breach of contract?

Accepted Answer

A)  The amount of damages to be given to the victim of the breach may be limited to the amount specified in a liquidated damages clause of her contract. 
B)  The victim of a breach can recover damages that he could have avoided if he had tried to mitigate his loss. 
C)  A person who breaches a contract is liable for all the loss that directly and naturally flows from the breach, no matter how unforeseeable. 
D)  An injunction is an equitable remedy forcing a person to comply with the terms of the contract. 
E)  Specific performance is the proper remedy to stop a person from doing something that he had promised in the contract not to do (e.g., not to compete, not to disclose secrets, etc.). 
A)  The amount of damages to be given to the victim of the breach may be limited to the amount specified in a liquidated damages clause of her contract. 
B)  The victim of a breach can recover damages that he could have avoided if he had tried to mitigate his loss. 
C)  A person who breaches a contract is liable for all the loss that directly and naturally flows from the breach, no matter how unforeseeable. 
D)  An injunction is an equitable remedy forcing a person to comply with the terms of the contract. 
E)  Specific performance is the proper remedy to stop a person from doing something that he had promised in the contract not to do (e.g., not to compete, not to disclose secrets, etc.).

Question 9

What is the result of a repudiation?

Accepted Answer

If the victim chooses to perfo

Question 10

In all but one of the following situations, the contract is frustrated. Identify the exception.

Accepted Answer

A)  Jack contracts with Bill to build a barn on his one-acre lot, but before the permit is obtained, a new law prohibits barns on lots smaller than three acres. 
B)  Rudolph is due to appear in a local variety theatre that has just been destroyed in a fire of unknown origin. 
C)  Frank has contracted to ride Emperor, a prize horse, in the Canada Day races on July 1, but on June 28 the horse breaks a leg and has to be destroyed. 
D)  Jerry, a doctor, is due to perform a heart transplant operation on Mary, and the night before the surgery his arthritis becomes so painful that he cannot hold a scalpel. 
E)  Gregory, a trucker with whom you contracted last month to haul potatoes tomorrow, phones to tell you that his truck has broken down. 
A)  Jack contracts with Bill to build a barn on his one-acre lot, but before the permit is obtained, a new law prohibits barns on lots smaller than three acres. 
B)  Rudolph is due to appear in a local variety theatre that has just been destroyed in a fire of unknown origin. 
C)  Frank has contracted to ride Emperor, a prize horse, in the Canada Day races on July 1, but on June 28 the horse breaks a leg and has to be destroyed. 
D)  Jerry, a doctor, is due to perform a heart transplant operation on Mary, and the night before the surgery his arthritis becomes so painful that he cannot hold a scalpel. 
E)  Gregory, a trucker with whom you contracted last month to haul potatoes tomorrow, phones to tell you that his truck has broken down.

Question 11

Explain how a fundamental breach affects the application of an exemption clause.

Accepted Answer

A fundamental breach is a breach that's

Question 12

What is the result of a breach of a significant term of a contract resulting in a major failure to perform?

Accepted Answer

The other

Question 13

Distinguish between a condition precedent and a condition subsequent.

Accepted Answer

A condition subsequent involves the term

Question 14

Explain how the principle of remoteness affects the availability of damages in a breach of contract action.

Accepted Answer

The victim of a breach can onl

Question 15

Injunction is an example of an equitable remedy.

Accepted Answer

A) True 
 B)False

Question 16

For a contract to be ended by agreement, there must be consideration as well as agreement on both sides.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following statements is true with respect to the law of damages?

Accepted Answer

A)  Damages are intended to punish the wrongdoer for breaching the contract. 
B)  Damages are awarded for a breach of a condition but not for a breach of warranty. 
C)  If a contract contains a liquidated damages clause, the party who has breached the contract has agreed to pay to the party wronged an amount equal to all the loss that directly and naturally flows from the breach. 
D)  Damages are an order from the court for the breaching party to perform the contract as he or she agreed to do. 
E)  A deposit may be an amount of money a party to a contract agrees to forfeit if he or she breaches the contract. 
A)  Damages are intended to punish the wrongdoer for breaching the contract. 
B)  Damages are awarded for a breach of a condition but not for a breach of warranty. 
C)  If a contract contains a liquidated damages clause, the party who has breached the contract has agreed to pay to the party wronged an amount equal to all the loss that directly and naturally flows from the breach. 
D)  Damages are an order from the court for the breaching party to perform the contract as he or she agreed to do. 
E)  A deposit may be an amount of money a party to a contract agrees to forfeit if he or she breaches the contract.

Question 18

When faced with an anticipatory breach, what is the risk if the innocent party insists on performance?

Accepted Answer

That party is bound by the cho

Question 19

Indicate the various ways that the contractual relationship can come to an end.

Accepted Answer

A contractual relationship can end by pe

Question 20

What is the result of a breach of a significant term of a contract where there is a minor failure to perform?

Accepted Answer

The other party must

An agreement to end a contract, with extra consideration to be supplied by the party benefiting from the discharge, is known as ________.

What is the legal position of the victim of an anticipatory breach?

A term in a contract that says that on the occurrence of a specific event the parties' obligations will end is an example of a

Joe paid Sam a debt owed of $50,000 by giving him 10,000 $5 bills. Sam refused to accept the payment. Explain this legal position.

Suppliers of goods and services try to eliminate their liability, and the courts have discouraged this by applying the principle that some failures are so significant that there is no performance of the contract. This concept is known as

Joe was a student at the local college and agreed to paint Harry's house during the Easter Break. A month before that time, he informed Harry that he had an opportunity to go to Hawaii and that he wouldn't be painting the house. What can Harry do in these circumstances?

Which of the following is true with regard to remedies for breach of contract?

What is the result of a repudiation?

In all but one of the following situations, the contract is frustrated. Identify the exception.

Explain how a fundamental breach affects the application of an exemption clause.

What is the result of a breach of a significant term of a contract resulting in a major failure to perform?

Distinguish between a condition precedent and a condition subsequent.

Explain how the principle of remoteness affects the availability of damages in a breach of contract action.

Injunction is an example of an equitable remedy.

For a contract to be ended by agreement, there must be consideration as well as agreement on both sides.

Which of the following statements is true with respect to the law of damages?

When faced with an anticipatory breach, what is the risk if the innocent party insists on performance?

Indicate the various ways that the contractual relationship can come to an end.

What is the result of a breach of a significant term of a contract where there is a minor failure to perform?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: the Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contract: Consensus and Consideration

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

Agency and Partnership

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Priority of Creditors

Sales and Consumer Protection

Filters

Exam 9: The End of the Contractual Relationship

An agreement to end a contract, with extra consideration to be supplied by the party benefiting from the discharge, is known as ________.

What is the legal position of the victim of an anticipatory breach?

A term in a contract that says that on the occurrence of a specific event the parties' obligations will end is an example of a

Joe paid Sam a debt owed of $50,000 by giving him 10,000 $5 bills. Sam refused to accept the payment. Explain this legal position.

Suppliers of goods and services try to eliminate their liability, and the courts have discouraged this by applying the principle that some failures are so significant that there is no performance of the contract. This concept is known as

Joe was a student at the local college and agreed to paint Harry's house during the Easter Break. A month before that time, he informed Harry that he had an opportunity to go to Hawaii and that he wouldn't be painting the house. What can Harry do in these circumstances?

Which of the following is true with regard to remedies for breach of contract?

What is the result of a repudiation?

In all but one of the following situations, the contract is frustrated. Identify the exception.

Explain how a fundamental breach affects the application of an exemption clause.

What is the result of a breach of a significant term of a contract resulting in a major failure to perform?

Distinguish between a condition precedent and a condition subsequent.

Explain how the principle of remoteness affects the availability of damages in a breach of contract action.

Injunction is an example of an equitable remedy.

For a contract to be ended by agreement, there must be consideration as well as agreement on both sides.

Which of the following statements is true with respect to the law of damages?

When faced with an anticipatory breach, what is the risk if the innocent party insists on performance?

Indicate the various ways that the contractual relationship can come to an end.

What is the result of a breach of a significant term of a contract where there is a minor failure to perform?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes: the Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contract: Consensus and Consideration

The Elements of a Contract: Capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

Agency and Partnership

Corporations

Employment

Intellectual Property

Real and Personal Property and Protection of the Environment

Priority of Creditors

Sales and Consumer Protection

Filters