Exam 9: Contractual Performance and Breach

ToughBuilders Corp.,a construction company,finishes the construction of a house two days after the contract called for its completion.The delay was caused solely due to low productivity.In this scenario,the level of performance of Tough Builders Corp.is recognized as ______.

The meaning of a contract is a question of law,which means that a judge makes the final determination.

Jessica hires ChromaLite Builders Corp.to construct a house.The contract specifies that grade A+ carpeting is to be installed on the entire second floor.ChromaLite Builders accidentally installs grade A carpeting instead.Few people,except for carpeting experts,can tell the difference.Jessica,however,refuses to pay for the construction citing that ChromaLite Builders has breached the contract.Which of the following statements is true in this scenario?

Jeff signs a contract agreeing to purchase a dishwasher.The printed terms in the contract state that there is no return policy,but the contract has additional typed terms that allow him to return the product within 15 days from the date of purchase.The contract also has handwritten terms that allow him to return the product within 30 days of purchase.Jeff would like to return the dishwasher 20 days after purchase.Which of the following statements is most likely to be true in this scenario?

The purposeful reduction of damages,usually the responsibility of a nonbreaching party to a contract,is known as ______.

What is an injunction?

When a contract involves unique subject matter,courts are most likely to award specific performance because there is no market equivalent.

What is the theory behind awarding money damages as a remedy to nonbreaching parties to a contract?

What does tender of performance mean? Briefly explain with an example.

Rescission,a remedy awarded by courts to a nonbreaching party of a contract,cannot be coupled with any other form of remedy.

Ian owes Shirley $5,000,which is payable in five installments at an interest.However,after two installments,Ian offers to pay Shirley the entire debt to avoid paying the interest.In this scenario,which of the following will take place if Shirley announces that Ian does not have to pay the debt in further installments?

Briefly explain how rescission is used as an equitable relief for nonbreaching parties.

If the contracting parties fail to write clear instructions on delivery of the equipment,the Uniform Commercial Code controls.

Stuart signs a contract that allows him to rent a snowplow from Homer's Plow Company.The contract stipulates that he has to pay $50 per week.Winter ends sooner than expected,so Stuart wants to return the plow ahead of the due date in order to avoid paying unnecessary rent.Homer's Plow Company agrees to let Stuart return the plow as long as he signs a contract that requires him to rent the plow again next year.This is an example of a(n)______.

Briefly explain divisibility of performance.

According to the Uniform Commercial Code,if a contract involving a buyer and a seller makes no statement about delivery,the presumption is

Name a few remedies available for breach of contract.

The commercial impracticability standard is more difficult to meet than the impossibility of performance standard.

Contracting parties have the ability to allocate known risks in a contract.

Which of the following statements is true of rescission?