Exam 18: Contract Remedies

MATCHING Part III Matching Match each statement with the correct term below.a.A contract that binds an offeror to keep an offer open for a specified period of time.b.Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.c.Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.d.A contract in which only one party makes a promise.e.A wrongful failure to properly perform contractual promises.f.A contract that has not been fully performed.g.A binding agreement that the courts will enforce.h.A contract that has been fully performed by all of the parties.i.A contract in which both parties exchange promises.j.An event that must or must not occur before performance is due under a contract.k.Transfer of a contractual obligation to a third party.l.A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.m.A statement in the form of a promise that imposes no obligation on the maker of the statement.n.A defective contract not wholly lacking in legal effect but that is capable of being avoided.o.The inducement given to enter into a contract; whatever is given in exchange for something else.p.A substituted contract involving a new third-party promisor or promisee.q.An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.r.Voluntary transfer of contractual rights to a third party.s.An obligation not based upon contract that is imposed by law to avoid injustice.t.An understanding or belief that is not in accord with existing fact.u.Restoration of an injured party to the position she was in before the contract was made.v.A formal court order prohibiting a party from doing a specific act.w.An event that terminates a duty of performance.x.An agreement to purchase all the materials of a particular kind that the purchaser needs from one seller.y.An agreement to sell the entire production of a particular seller to one buyer. -illusory promise

In the case of Hadley v.Baxendale, the plaintiff was seeking damages for:

Restitution requires a return of value to the aggrieved party.

MATCHING Part III Matching Match each statement with the correct term below.a.A contract that binds an offeror to keep an offer open for a specified period of time.b.Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.c.Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.d.A contract in which only one party makes a promise.e.A wrongful failure to properly perform contractual promises.f.A contract that has not been fully performed.g.A binding agreement that the courts will enforce.h.A contract that has been fully performed by all of the parties.i.A contract in which both parties exchange promises.j.An event that must or must not occur before performance is due under a contract.k.Transfer of a contractual obligation to a third party.l.A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.m.A statement in the form of a promise that imposes no obligation on the maker of the statement.n.A defective contract not wholly lacking in legal effect but that is capable of being avoided.o.The inducement given to enter into a contract; whatever is given in exchange for something else.p.A substituted contract involving a new third-party promisor or promisee.q.An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.r.Voluntary transfer of contractual rights to a third party.s.An obligation not based upon contract that is imposed by law to avoid injustice.t.An understanding or belief that is not in accord with existing fact.u.Restoration of an injured party to the position she was in before the contract was made.v.A formal court order prohibiting a party from doing a specific act.w.An event that terminates a duty of performance.x.An agreement to purchase all the materials of a particular kind that the purchaser needs from one seller.y.An agreement to sell the entire production of a particular seller to one buyer. -executed contract

Delay will have no effect on the power of avoidance.

Scott, a minor, sells his digital camera to Megan, who then sells it to Sherry.Under these circumstances:

Vladimir entered into a contract to buy Daniel's collection of rare stamps.Vladimir mailed payment of $10,000 for the stamps to Daniel, but now Daniel tells Vladimir, "I'll never part with these stamps." Are the following remedies available to Vladimir?

A plaintiff who has not sustained any loss resulting from the defendant's breach of contract cannot recover any damages.

What principle did the court apply in the case of Madison Square Garden Corp., Ill.v.Carnera?

What interests of injured parties are protected by remedies for a breach of contract?

Damages are not recoverable for loss beyond an amount that the injured party can establish with reasonable certainty.

MATCHING Part III Matching Match each statement with the correct term below.a.A contract that binds an offeror to keep an offer open for a specified period of time.b.Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.c.Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.d.A contract in which only one party makes a promise.e.A wrongful failure to properly perform contractual promises.f.A contract that has not been fully performed.g.A binding agreement that the courts will enforce.h.A contract that has been fully performed by all of the parties.i.A contract in which both parties exchange promises.j.An event that must or must not occur before performance is due under a contract.k.Transfer of a contractual obligation to a third party.l.A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.m.A statement in the form of a promise that imposes no obligation on the maker of the statement.n.A defective contract not wholly lacking in legal effect but that is capable of being avoided.o.The inducement given to enter into a contract; whatever is given in exchange for something else.p.A substituted contract involving a new third-party promisor or promisee.q.An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.r.Voluntary transfer of contractual rights to a third party.s.An obligation not based upon contract that is imposed by law to avoid injustice.t.An understanding or belief that is not in accord with existing fact.u.Restoration of an injured party to the position she was in before the contract was made.v.A formal court order prohibiting a party from doing a specific act.w.An event that terminates a duty of performance.x.An agreement to purchase all the materials of a particular kind that the purchaser needs from one seller.y.An agreement to sell the entire production of a particular seller to one buyer. -unilateral contract

Sean breaches an agreement in his employment contract with Inmett Corporation by also working for Inmett's major competitor.Sean's promise to Inmett of his exclusive personal services may be enforced by injunction.

The purpose of reliance damages is to place the injured party in a position as good as he would have held if the contract had not been made.

Where a party has been induced by fraud to enter a contract, the Restatement of Torts permits the injured party to recover out-of-pocket damages but expressly excludes recovery of benefit-of-the-bargain damages.

Monetary damages are the most frequently granted remedy for breach of contract.

MATCHING Part III Matching Match each statement with the correct term below.a.A contract that binds an offeror to keep an offer open for a specified period of time.b.Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.c.Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.d.A contract in which only one party makes a promise.e.A wrongful failure to properly perform contractual promises.f.A contract that has not been fully performed.g.A binding agreement that the courts will enforce.h.A contract that has been fully performed by all of the parties.i.A contract in which both parties exchange promises.j.An event that must or must not occur before performance is due under a contract.k.Transfer of a contractual obligation to a third party.l.A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.m.A statement in the form of a promise that imposes no obligation on the maker of the statement.n.A defective contract not wholly lacking in legal effect but that is capable of being avoided.o.The inducement given to enter into a contract; whatever is given in exchange for something else.p.A substituted contract involving a new third-party promisor or promisee.q.An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.r.Voluntary transfer of contractual rights to a third party.s.An obligation not based upon contract that is imposed by law to avoid injustice.t.An understanding or belief that is not in accord with existing fact.u.Restoration of an injured party to the position she was in before the contract was made.v.A formal court order prohibiting a party from doing a specific act.w.An event that terminates a duty of performance.x.An agreement to purchase all the materials of a particular kind that the purchaser needs from one seller.y.An agreement to sell the entire production of a particular seller to one buyer. -injunction

Marcella pays $12,000 down on a houseboat which Hugh had agreed to sell to her for $64,000.Marcella then repudiates the contract.Hugh sells the houseboat to Lloyd in good faith for $60,000.Marcella may recover from Hugh:

MATCHING Part III Matching Match each statement with the correct term below.a.A contract that binds an offeror to keep an offer open for a specified period of time.b.Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.c.Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.d.A contract in which only one party makes a promise.e.A wrongful failure to properly perform contractual promises.f.A contract that has not been fully performed.g.A binding agreement that the courts will enforce.h.A contract that has been fully performed by all of the parties.i.A contract in which both parties exchange promises.j.An event that must or must not occur before performance is due under a contract.k.Transfer of a contractual obligation to a third party.l.A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.m.A statement in the form of a promise that imposes no obligation on the maker of the statement.n.A defective contract not wholly lacking in legal effect but that is capable of being avoided.o.The inducement given to enter into a contract; whatever is given in exchange for something else.p.A substituted contract involving a new third-party promisor or promisee.q.An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.r.Voluntary transfer of contractual rights to a third party.s.An obligation not based upon contract that is imposed by law to avoid injustice.t.An understanding or belief that is not in accord with existing fact.u.Restoration of an injured party to the position she was in before the contract was made.v.A formal court order prohibiting a party from doing a specific act.w.An event that terminates a duty of performance.x.An agreement to purchase all the materials of a particular kind that the purchaser needs from one seller.y.An agreement to sell the entire production of a particular seller to one buyer. -condition subsequent

Incidental damages include lost profits and injury to person or property resulting from defective performance.