Question 1

Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction.

Accepted Answer

A) True 
 B)False

Question 2

Lisa is a musician.She signs a contract with a local restaurant allowing it to play her song in its advertisement for two years.The restaurant continues to play her song even after the contract expires.In this scenario,if Lisa sues to stop the restaurant from using her music,the court is most likely to order a(n)______.

Accepted Answer

A)  mitigation 
B)  injunction 
C)  waiver 
D)  release 
E)  discharge 
A)  mitigation 
B)  injunction 
C)  waiver 
D)  release 
E)  discharge

Question 3

Mere increased difficulty or reduced profitability will constitute impossibility of performance.

Accepted Answer

A) True 
 B)False

Question 4

An injunction is a court order for a party to a contract to

Accepted Answer

A)  do something agreed to under an original contract. 
B)  pay compensatory damages to the nonbreaching party of the contract. 
C)  pay consequential damages to the nonbreaching party of the contract. 
D)  release the nonbreaching party from its contractual obligations. 
E)  relinquish its right to enforce the contract. 
A)  do something agreed to under an original contract. 
B)  pay compensatory damages to the nonbreaching party of the contract. 
C)  pay consequential damages to the nonbreaching party of the contract. 
D)  release the nonbreaching party from its contractual obligations. 
E)  relinquish its right to enforce the contract.

Question 5

The parol evidence rule applies to oral modifications made after the contracting parties have made the written contract.

Accepted Answer

A) True 
 B)False

Question 6

Briefly explain impossibility of performance.

Accepted Answer

A contracting party's nonperformance is

Question 7

Which of the following remedies provided by a court to a nonbreaching party requires each party to a contract to return the consideration given to the other?

Accepted Answer

A)  restitution 
B)  rescission 
C)  injunction 
D)  extradition 
E)  novation 
A)  restitution 
B)  rescission 
C)  injunction 
D)  extradition 
E)  novation

Question 8

When the parties to a contract fail to provide the required order of performance,the law states the buyer's payment is a condition that must be satisfied after the seller has performed his or her duty to deliver.

Accepted Answer

A) True 
 B)False

Question 9

Liquidated damages can simplify disputes when a breach occurs.

Accepted Answer

A) True 
 B)False

Question 10

Shelly is a week late in paying her rent.She requests her landlord,Craig,not charge her the late payment fees,and Craig agrees.This is an example of a waiver.

Accepted Answer

A) True 
 B)False

Question 11

Briefly explain compensatory damages awarded by a court to a nonbreaching party to a contract.

Accepted Answer

Compensatory damages are court-awarded d

Question 12

If a contract contains a condition precedent it means that

Accepted Answer

A)  something must take place in the future before a contracting party has a duty to perform. 
B)  courts will award the nonbreaching party with consequential damages for failure to perform by the breaching party. 
C)  performance must be completely achieved according to contract specifications or the contract is breached. 
D)  impossibility of performance will not be an acceptable excuse for nonperformance. 
E)  both the contracting parties have a simultaneous duty to perform. 
A)  something must take place in the future before a contracting party has a duty to perform. 
B)  courts will award the nonbreaching party with consequential damages for failure to perform by the breaching party. 
C)  performance must be completely achieved according to contract specifications or the contract is breached. 
D)  impossibility of performance will not be an acceptable excuse for nonperformance. 
E)  both the contracting parties have a simultaneous duty to perform.

Question 13

Which of the following statements is true of a situation in which a party to a contract substantially performs its obligations to the contract?

Accepted Answer

A)  The contract is said to be materially breached. 
B)  The party will be entitled to full recovery under the contract. 
C)  The contract immediately becomes void. 
D)  The party may be entitled to a partial recovery under the contract. 
E)  The party's performance is said to be as good as completed. 
A)  The contract is said to be materially breached. 
B)  The party will be entitled to full recovery under the contract. 
C)  The contract immediately becomes void. 
D)  The party may be entitled to a partial recovery under the contract. 
E)  The party's performance is said to be as good as completed.

Question 14

Briefly explain the concepts of waiver and release.

Accepted Answer

A party may be excused from not performi

Question 15

Kent signed a contract with Turner to exclusively work for Turner.Kent breached the contract by working part time for other people.Turner tried to reach a voluntary settlement with Kent as long as he pays a certain amount to Turner.As this attempt failed,they decided to allow Erika,a neutral third party,to make a decision.Turner and Kent agreed to abide by the decision taken by Erika.Which of the following is depicted in this scenario?

Accepted Answer

A)  a negotiated settlement 
B)  obiter dicta 
C)  arbitration 
D)  stare decisis 
E)  a free exercise clause 
A)  a negotiated settlement 
B)  obiter dicta 
C)  arbitration 
D)  stare decisis 
E)  a free exercise clause

Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction.

Mere increased difficulty or reduced profitability will constitute impossibility of performance.

An injunction is a court order for a party to a contract to

The parol evidence rule applies to oral modifications made after the contracting parties have made the written contract.

Briefly explain impossibility of performance.

Which of the following remedies provided by a court to a nonbreaching party requires each party to a contract to return the consideration given to the other?

When the parties to a contract fail to provide the required order of performance,the law states the buyer's payment is a condition that must be satisfied after the seller has performed his or her duty to deliver.

Liquidated damages can simplify disputes when a breach occurs.

Shelly is a week late in paying her rent.She requests her landlord,Craig,not charge her the late payment fees,and Craig agrees.This is an example of a waiver.

Briefly explain compensatory damages awarded by a court to a nonbreaching party to a contract.

If a contract contains a condition precedent it means that

Which of the following statements is true of a situation in which a party to a contract substantially performs its obligations to the contract?

Briefly explain the concepts of waiver and release.

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

The Property System

Contract Formation

Torts Affecting Business

Intellectual Property

International Law

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competitionantitrust Laws

Financial and Securities Regulations

Regulations Protecting Consumer Purchases, privacy, and Financial Activities

Environmental Regulation

Discrimination in Employment

Employment Laws

Labormanagement Relationship

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Exam 9: Contractual Performance and Breach

Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction.

Mere increased difficulty or reduced profitability will constitute impossibility of performance.

An injunction is a court order for a party to a contract to

The parol evidence rule applies to oral modifications made after the contracting parties have made the written contract.

Briefly explain impossibility of performance.

Which of the following remedies provided by a court to a nonbreaching party requires each party to a contract to return the consideration given to the other?

When the parties to a contract fail to provide the required order of performance,the law states the buyer's payment is a condition that must be satisfied after the seller has performed his or her duty to deliver.

Liquidated damages can simplify disputes when a breach occurs.

Shelly is a week late in paying her rent.She requests her landlord,Craig,not charge her the late payment fees,and Craig agrees.This is an example of a waiver.

Briefly explain compensatory damages awarded by a court to a nonbreaching party to a contract.

If a contract contains a condition precedent it means that

Which of the following statements is true of a situation in which a party to a contract substantially performs its obligations to the contract?

Briefly explain the concepts of waiver and release.

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

The Property System

Contract Formation

Torts Affecting Business

Intellectual Property

International Law

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competitionantitrust Laws

Financial and Securities Regulations

Regulations Protecting Consumer Purchases, privacy, and Financial Activities

Environmental Regulation

Discrimination in Employment

Employment Laws

Labormanagement Relationship

Filters