Question 1

Waiver occurs when a party accepts incomplete performance without objection,knowing that the defects in performance will not be remedied.

Accepted Answer

A) True 
 B)False

Question 2

Commercial frustration:

Accepted Answer

A)  is very similar to impracticability. 
B)  occurs when the event is foreseeable. 
C)  excuses performance when events occur before the formation of the contract. 
D)  occurs when the promisor expressly assumes the risk that the event has occurred. 
A)  is very similar to impracticability. 
B)  occurs when the event is foreseeable. 
C)  excuses performance when events occur before the formation of the contract. 
D)  occurs when the promisor expressly assumes the risk that the event has occurred.

Question 3

Robert was under contract to play football for the United Lions in May 2007.However,he died in an accident before he could perform his contract.His death will terminate his contract.

Accepted Answer

A) True 
 B)False

Question 4

A building that deviates slightly from the contract's specifications does not qualify as substantial performance.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements is true of personal service contracts?

Accepted Answer

A)  Specific performance is generally granted for personal service contracts because it does not require a form of involuntary servitude. 
B)  Personal service contracts are the only contracts that terminate with the promisor's death. 
C)  Personal service contracts include destruction to subject matter that can result in nonperformance. 
D)  Personal service contracts recognize commercial impracticability as an excuse when unforeseeable developments take place. 
A)  Specific performance is generally granted for personal service contracts because it does not require a form of involuntary servitude. 
B)  Personal service contracts are the only contracts that terminate with the promisor's death. 
C)  Personal service contracts include destruction to subject matter that can result in nonperformance. 
D)  Personal service contracts recognize commercial impracticability as an excuse when unforeseeable developments take place.

Question 6

Explain the concept of substantial performance.

Accepted Answer

Substantial performance is performance t

Question 7

Contracts can be created by mutual agreement,but cannot be discharged by mutual agreement.

Accepted Answer

A) True 
 B)False

Question 8

Shawn and Harry signed a contract for Shawn to build a house for Harry according to the specifications provided by Harry.The contract stated that Shawn would be paid $125,000.Shawn unintentionally deviated from the specifications in several minor respects.The house was soundly constructed,and Shawn completed the work within the promised time.Harry refused to pay Shawn any of the $125,000,arguing that the house did not conform to the specifications.In this case,

Accepted Answer

A)  Harry will get a decree of specific performance. 
B)  Shawn has no right to be paid for any of his work because he breached the contract. 
C)  if the court finds that Shawn has substantially performed, he will be able to recover the contract price less any damages caused by his failure to perform as promised. 
D)  if the court finds that Shawn has substantially performed, he will be able to recover the contract price less any damages caused to him because of the delay in payment. 
A)  Harry will get a decree of specific performance. 
B)  Shawn has no right to be paid for any of his work because he breached the contract. 
C)  if the court finds that Shawn has substantially performed, he will be able to recover the contract price less any damages caused by his failure to perform as promised. 
D)  if the court finds that Shawn has substantially performed, he will be able to recover the contract price less any damages caused to him because of the delay in payment.

Question 9

Kent Constructions contracted to build four garages for Magnum Inc.for $100,000,according to specifications provided by Magnum.Kent substituted two-by-fours for the more expensive two-by-sixes called for in the contract.An inspection reveals that the garages are sturdy,but that they are worth only $85,000 due to Kent's failure to conform to Magnum's specifications.What is Kent entitled to,if anything,and why?

Accepted Answer

Kent has rendered substantial performanc

Question 10

Which of the following is the most common subject of specific performance decrees?

Accepted Answer

A)  Real estate 
B)  Automobiles 
C)  Personal service 
D)  Internet software 
A)  Real estate 
B)  Automobiles 
C)  Personal service 
D)  Internet software

Exam 18: Performance and Remediespart Three Sales

Waiver occurs when a party accepts incomplete performance without objection,knowing that the defects in performance will not be remedied.

Commercial frustration:

Robert was under contract to play football for the United Lions in May 2007.However,he died in an accident before he could perform his contract.His death will terminate his contract.

A building that deviates slightly from the contract's specifications does not qualify as substantial performance.

Which of the following statements is true of personal service contracts?

Explain the concept of substantial performance.

Contracts can be created by mutual agreement,but cannot be discharged by mutual agreement.

Which of the following is the most common subject of specific performance decrees?

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

The Nature and Origins of Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Partnerships

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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