Exam 18: Contract Remedies

Specific performance is the usual 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. -quasi contract

Equitable remedies result in money awards to the plaintiff.

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. -mistake

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. -assignment

At its discretion, a court of equity may grant an injunction against breach of a contractual duty when damages for a breach would be inadequate.

Specific performance is an equitable remedy.

Restitution can be obtained where a voidable contract is avoided.

Which of the following is NOT true regarding specific performance?

Incidental damages are those that arise directly out of the breach.

A court's protecting a reliance interest results in its putting the aggrieved party in a position as good as the one they would have been in had the contract not been made.

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. -voidable contract

A contractor and Southampton, Inc.have a contract, which calls for the contractor to build a building with the completion by June 15.If the building is not completed by that date, the contract calls for the contractor to pay $100 per day in damages.The $100 per day is: