Exam 17: Contract Discharge and Remedies

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Planners & Builders,Inc.,enters into a contract with O'Reilly to refurbish a garage on his property as an auto repair shop.O'Reilly's neighbor Nora challenges the project as a violation of the local zoning laws.A court orders a halt to the project.O'Reilly's contract with Planners & Builders is

(Multiple Choice)

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Question 41

The injury suffered by a nonbreaching party due to the breach of a contract may be remedied by payment of compensatory damages.

(True/False)

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Question 42

Contracts that are executory on both sides can be rescinded by agreement.

(True/False)

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Question 43

Specific performance will not be granted unless the party's legal remedy is inadequate.

(True/False)

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Question 44

Rough Hewn Lumber Company orally contracts with Joe for the purchase of five acres of Joe's timberland.Joe makes the transfer but Rough Hewn does not pay the price.The lack of a written contract could bar enforcement of this deal.If so,Joe could most likely recover on a theory of

(Multiple Choice)

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Question 45

Rescission is an equitable remedy used when the parties have imperfectly expressed their agreement in writing.

(True/False)

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Question 46

Hybrid Corporation enters into a contract with Insure Service,Inc.(ISI),to obtain health insurance for Hybrid employees.If ISI breaches the contract and Hybrid is awarded compensatory damages,the purpose would be to

(Multiple Choice)

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Question 47

Gliding Light,LLC,and Hang Gliders,Inc.,are parties to a contract.They subsequently agree that High Riders Inc.should take Gliding Light's place and assume all of its rights and duties under the contract.This is

(Multiple Choice)

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Question 48

Expenses that are caused directly by a breach of contract-such as those incurred to obtain performance from another source-are compensatory damages.

(True/False)

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Question 49

Earl holds 1,000 pounds of perishable fruit in storage for Fresh Food Corporation.Fresh Food does not pay for the storage.Earl sells the fruit to Green Grocers,Inc.This sale represents

(Multiple Choice)

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Question 50

A novation requires the existence of a previous,valid obligation.

(True/False)

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Question 51

Rig Heli-Pads,Inc.,enters into a contract to employ Scott as an on-site project manager for two years.If Rig breaches the contract,Scott has a duty to

(Multiple Choice)

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Question 52

Home Delivery Corporation and Interstate Transport,Inc.,sign an agreement that provides for the payment of "$1,000 by whichever party commits a material breach of the contract that creates damages difficult to estimate but approximately $1,000." This is

(Multiple Choice)

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Question 53

Contractors Service,Inc.,enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1.On August 1,her bank is closed,and for this reason,she claims that she cannot pay on time.In this situation

(Multiple Choice)

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Question 54

Subjective impossibility of performance can discharge a contract.

(True/False)

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Question 55

Omar and Penn want to discharge their contract by executing a new agreement with performance different from what they originally promised.They can best accomplish this by

(Multiple Choice)

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(38)

Question 56

A breach of contract entitles the nonbreaching party to sue for monetary damages.

(True/False)

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Question 57

Quest Resources,Inc.,contracts with Ring Communications Corporation (RCC)for RCC to design and build an all-weather communications system for Quest's field operations.RCC builds the system,but it functions effectively only in good weather.Is this a breach of the contract? If so,what remedies does Quest have?

(Essay)

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Question 58

Drainage & Irrigation Equipment,Inc.,contracts to sell its assets to Earth & Sky Aquatic Corporation.Before either party has performed,rescission of this contract requires

(Multiple Choice)

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Question 59

Carol enters into a contract to hire Joanne to paint a portrait of Carol's favorite cat.Joanne agrees to do the portrait to Carol's satisfaction for $100.When Joanne finishes the portrait,Carol announces that she is not satisfied with the portrait because it does not look like her cat.Carol

(Multiple Choice)

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Question 60

Showing 41 - 60 of 71

Exam 17: Contract Discharge and Remedies

Planners & Builders,Inc.,enters into a contract with O'Reilly to refurbish a garage on his property as an auto repair shop.O'Reilly's neighbor Nora challenges the project as a violation of the local zoning laws.A court orders a halt to the project.O'Reilly's contract with Planners & Builders is​

The injury suffered by a nonbreaching party due to the breach of a contract may be remedied by payment of compensatory damages.

Contracts that are executory on both sides can be rescinded by agreement.

Specific performance will not be granted unless the party's legal remedy is inadequate.

Rough Hewn Lumber Company orally contracts with Joe for the purchase of five acres of Joe's timberland.Joe makes the transfer but Rough Hewn does not pay the price.The lack of a written contract could bar enforcement of this deal.If so,Joe could most likely recover on a theory of​

Rescission is an equitable remedy used when the parties have imperfectly expressed their agreement in writing.

Hybrid Corporation enters into a contract with Insure Service,Inc.(ISI),to obtain health insurance for Hybrid employees.If ISI breaches the contract and Hybrid is awarded compensatory damages,the purpose would be to​

Gliding Light,LLC,and Hang Gliders,Inc.,are parties to a contract.They subsequently agree that High Riders Inc.should take Gliding Light's place and assume all of its rights and duties under the contract.This is​

Expenses that are caused directly by a breach of contract-such as those incurred to obtain performance from another source-are compensatory damages.

Earl holds 1,000 pounds of perishable fruit in storage for Fresh Food Corporation.Fresh Food does not pay for the storage.Earl sells the fruit to Green Grocers,Inc.This sale represents​

A novation requires the existence of a previous,valid obligation.

Rig Heli-Pads,Inc.,enters into a contract to employ Scott as an on-site project manager for two years.If Rig breaches the contract,Scott has a duty to​

Home Delivery Corporation and Interstate Transport,Inc.,sign an agreement that provides for the payment of "$1,000 by whichever party commits a material breach of the contract that creates damages difficult to estimate but approximately $1,000." This is​

Contractors Service,Inc.,enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1.On August 1,her bank is closed,and for this reason,she claims that she cannot pay on time.In this situation​

Subjective impossibility of performance can discharge a contract.

Omar and Penn want to discharge their contract by executing a new agreement with performance different from what they originally promised.They can best accomplish this by​

A breach of contract entitles the nonbreaching party to sue for monetary damages.

Drainage & Irrigation Equipment,Inc.,contracts to sell its assets to Earth & Sky Aquatic Corporation.Before either party has performed,rescission of this contract requires​

Carol enters into a contract to hire Joanne to paint a portrait of Carol's favorite cat.Joanne agrees to do the portrait to Carol's satisfaction for $100.When Joanne finishes the portrait,Carol announces that she is not satisfied with the portrait because it does not look like her cat.Carol​

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Planners & Builders,Inc.,enters into a contract with O'Reilly to refurbish a garage on his property as an auto repair shop.O'Reilly's neighbor Nora challenges the project as a violation of the local zoning laws.A court orders a halt to the project.O'Reilly's contract with Planners & Builders is

Rough Hewn Lumber Company orally contracts with Joe for the purchase of five acres of Joe's timberland.Joe makes the transfer but Rough Hewn does not pay the price.The lack of a written contract could bar enforcement of this deal.If so,Joe could most likely recover on a theory of

Hybrid Corporation enters into a contract with Insure Service,Inc.(ISI),to obtain health insurance for Hybrid employees.If ISI breaches the contract and Hybrid is awarded compensatory damages,the purpose would be to

Gliding Light,LLC,and Hang Gliders,Inc.,are parties to a contract.They subsequently agree that High Riders Inc.should take Gliding Light's place and assume all of its rights and duties under the contract.This is

Earl holds 1,000 pounds of perishable fruit in storage for Fresh Food Corporation.Fresh Food does not pay for the storage.Earl sells the fruit to Green Grocers,Inc.This sale represents

Rig Heli-Pads,Inc.,enters into a contract to employ Scott as an on-site project manager for two years.If Rig breaches the contract,Scott has a duty to

Home Delivery Corporation and Interstate Transport,Inc.,sign an agreement that provides for the payment of "$1,000 by whichever party commits a material breach of the contract that creates damages difficult to estimate but approximately $1,000." This is

Contractors Service,Inc.,enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1.On August 1,her bank is closed,and for this reason,she claims that she cannot pay on time.In this situation

Omar and Penn want to discharge their contract by executing a new agreement with performance different from what they originally promised.They can best accomplish this by

Drainage & Irrigation Equipment,Inc.,contracts to sell its assets to Earth & Sky Aquatic Corporation.Before either party has performed,rescission of this contract requires

Carol enters into a contract to hire Joanne to paint a portrait of Carol's favorite cat.Joanne agrees to do the portrait to Carol's satisfaction for $100.When Joanne finishes the portrait,Carol announces that she is not satisfied with the portrait because it does not look like her cat.Carol