Question 1

Which of the following is true regarding Frank's refusal to keep Creaky and Toady?

Accepted Answer

A)  He committed an anticipatory repudiation. 
B)  He is not guilty of any breach because he gave Beverly sufficient warning that he was not willing to perform. 
C)  He is not guilty of any breach because the contract is not over $1,000 in amount. 
D)  He is guilty of an immaterial breach because of the low value of the contract. 
E)  He is guilty of a nominal breach. 
A)  He committed an anticipatory repudiation. 
B)  He is not guilty of any breach because he gave Beverly sufficient warning that he was not willing to perform. 
C)  He is not guilty of any breach because the contract is not over $1,000 in amount. 
D)  He is guilty of an immaterial breach because of the low value of the contract. 
E)  He is guilty of a nominal breach. A

Question 2

From what country did equitable remedies,as applied in the U.S.,grow?

Accepted Answer

A)  France 
B)  Italy 
C)  England 
D)  Spain 
E)  Portugal 
A)  France 
B)  Italy 
C)  England 
D)  Spain 
E)  Portugal C

Question 3

Which of the following conditions occur when each party's performance is conditioned on the performance of the other?

Accepted Answer

A)  Precedent 
B)  Subsequent 
C)  Concurrent 
D)  At large 
E)  Certain 
A)  Precedent 
B)  Subsequent 
C)  Concurrent 
D)  At large 
E)  Certain C

Question 4

Which of the following occurs when a contracting party refuses to complete the contract before the actual time of performance?

Accepted Answer

A)  Preemptive repudiation 
B)  Anticipatory repudiation 
C)  Advance refusal 
D)  Advance repudiation 
E)  Preparatory refusal 
A)  Preemptive repudiation 
B)  Anticipatory repudiation 
C)  Advance refusal 
D)  Advance repudiation 
E)  Preparatory refusal

Question 5

Which of the following is used when,by agreement one of the parties substitutes a different performance for his or her original duty under the contract?

Accepted Answer

A)  Accord and satisfaction 
B)  Novation 
C)  Substituted contract 
D)  Mutual rescission 
E)  Alteration 
A)  Accord and satisfaction 
B)  Novation 
C)  Substituted contract 
D)  Mutual rescission 
E)  Alteration

Question 6

Which of the following doctrines arose from cases in England in which parties who had contracted for rooms along a parade route for a king's coronation,received their money back when the coronation was canceled because the king became ill?

Accepted Answer

A)  Frustration of purpose 
B)  Commercial impracticability 
C)  Alteration of the contract 
D)  Anticipatory repudiation 
E)  Anticipatory renunciation 
A)  Frustration of purpose 
B)  Commercial impracticability 
C)  Alteration of the contract 
D)  Anticipatory repudiation 
E)  Anticipatory renunciation

Question 7

Which of the following is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party?

Accepted Answer

A)  Frustration of purpose 
B)  Commercial impracticability 
C)  Alteration of the contract 
D)  Anticipatory repudiation 
E)  Anticipatory renunciation 
A)  Frustration of purpose 
B)  Commercial impracticability 
C)  Alteration of the contract 
D)  Anticipatory repudiation 
E)  Anticipatory renunciation

Question 8

______ is the termination of the contract,and ______ is the return of any property given up under the contract.

Accepted Answer

A)  Rescission; restitution 
B)  Rescission; reformation 
C)  Reformation; restitution 
D)  Reformation; rescission 
E)  Rescission; compensation 
A)  Rescission; restitution 
B)  Rescission; reformation 
C)  Reformation; restitution 
D)  Reformation; rescission 
E)  Rescission; compensation

Question 9

The parties' discharge of their obligations by doing what they respectively agreed to do under the terms of the contract is called ____.

Accepted Answer

A)  Discharge by tender 
B)  Discharge by performance 
C)  Discharge by finishing 
D)  Discharge by absolution 
E)  Discharge by reason 
A)  Discharge by tender 
B)  Discharge by performance 
C)  Discharge by finishing 
D)  Discharge by absolution 
E)  Discharge by reason

Question 10

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ______ one's damages.

Accepted Answer

A)  Reduce 
B)  Remit 
C)  Reform 
D)  Mitigate 
E)  Migrate 
A)  Reduce 
B)  Remit 
C)  Reform 
D)  Mitigate 
E)  Migrate

Question 11

Which of the following is true regarding types of conditions?

Accepted Answer

A)  There is only one type of condition: precedent. 
B)  There are two types of conditions: precedent and subsequent. 
C)  There are three types of conditions: precedent, subsequent, and concurrent. 
D)  There are four types of conditions: precedent, subsequent, concurrent, and timeliness. 
E)  There are at least ten types of conditions, and their identification varies based upon the subject matter. 
A)  There is only one type of condition: precedent. 
B)  There are two types of conditions: precedent and subsequent. 
C)  There are three types of conditions: precedent, subsequent, and concurrent. 
D)  There are four types of conditions: precedent, subsequent, concurrent, and timeliness. 
E)  There are at least ten types of conditions, and their identification varies based upon the subject matter.

Question 12

A contractual condition of satisfaction may be judged by either a[n] ______ or ______ standard.

Accepted Answer

A)  Objective; express 
B)  Subjective; express 
C)  Objective; absolute 
D)  Absolute; express 
E)  Objective; subjective 
A)  Objective; express 
B)  Subjective; express 
C)  Objective; absolute 
D)  Absolute; express 
E)  Objective; subjective

Question 13

A _____ occurs whenever a party fails to perform his or her obligations under the contract.

Accepted Answer

A)  Split 
B)  Break 
C)  Breach 
D)  Misdeed 
E)  Mistake 
A)  Split 
B)  Break 
C)  Breach 
D)  Misdeed 
E)  Mistake

Question 14

College president Wally contracts with Alice to teach business law.Alice does a fine job teaching but gets mad at Wally and will not turn in grades.What type of order would Wally seek to require Alice to abide by her contract?

Accepted Answer

A)  An order of specific performance 
B)  A compensatory order 
C)  A nominal order 
D)  A consequential order 
E)  A demand order 
A)  An order of specific performance 
B)  A compensatory order 
C)  A nominal order 
D)  A consequential order 
E)  A demand order

Question 15

Which of the following is true regarding ways by which a party's contractual obligations may be discharged?

Accepted Answer

A)  Performance is the only way a party's contractual obligations may be discharged. 
B)  The failure of a condition to occur and performance are the only ways a party's contractual obligations may be discharged. 
C)  Operation of law is the only way a party's contractual obligations may be discharged. 
D)  Discharge may occur through material breach by one or both parties. 
E)  Discharge may not occur through the failure of a condition to occur. 
A)  Performance is the only way a party's contractual obligations may be discharged. 
B)  The failure of a condition to occur and performance are the only ways a party's contractual obligations may be discharged. 
C)  Operation of law is the only way a party's contractual obligations may be discharged. 
D)  Discharge may occur through material breach by one or both parties. 
E)  Discharge may not occur through the failure of a condition to occur.

Question 16

A contractual condition of satisfaction is considered a[n] ______ condition that must be met before the other party's obligation to pay for the performance arises.

Accepted Answer

A)  Partial 
B)  Conditional 
C)  Express 
D)  Implied 
E)  Concurrent 
A)  Partial 
B)  Conditional 
C)  Express 
D)  Implied 
E)  Concurrent

Question 17

Which of the following is true regarding the breach,if any,that occurred?

Accepted Answer

A)  Willis did not breach the contract. 
B)  Willis materially breached the contract. 
C)  Willis substantially breached the contract. 
D)  Willis breached the contract. 
E)  Willis committed an anticipatory breach of the contract. 
A)  Willis did not breach the contract. 
B)  Willis materially breached the contract. 
C)  Willis substantially breached the contract. 
D)  Willis breached the contract. 
E)  Willis committed an anticipatory breach of the contract.

Question 18

Why did equitable remedies come into being?

Accepted Answer

A)  To fashion remedies when the existing laws did not provide any adequate ones. 
B)  To supplement compensatory damages with punitive damages. 
C)  To provide a way to award nominal damages. 
D)  To provide a way to award consequential damages. 
E)  To provide a way to award certain parties liquidated damages. 
A)  To fashion remedies when the existing laws did not provide any adequate ones. 
B)  To supplement compensatory damages with punitive damages. 
C)  To provide a way to award nominal damages. 
D)  To provide a way to award consequential damages. 
E)  To provide a way to award certain parties liquidated damages.

Question 19

A[n] _____ discharges the nonbreaching party from his or her obligations under the contract.

Accepted Answer

A)  Immaterial breach 
B)  Substantial breach 
C)  Material breach 
D)  Delineated breach 
E)  Crossed breach 
A)  Immaterial breach 
B)  Substantial breach 
C)  Material breach 
D)  Delineated breach 
E)  Crossed breach

Question 20

Discuss the circumstances that result in an anticipatory repudiation of a contract.Discuss the rights of a nonbreaching party when faced with anticipatory repudiation.

Accepted Answer

Anticipatory repudiation occurs when a c

Exam 20: Performance,Breach of Contract,discharge,and Remedies

Which of the following is true regarding Frank's refusal to keep Creaky and Toady?

From what country did equitable remedies,as applied in the U.S.,grow?

Which of the following conditions occur when each party's performance is conditioned on the performance of the other?

Which of the following occurs when a contracting party refuses to complete the contract before the actual time of performance?

Which of the following is used when,by agreement one of the parties substitutes a different performance for his or her original duty under the contract?

Which of the following doctrines arose from cases in England in which parties who had contracted for rooms along a parade route for a king's coronation,received their money back when the coronation was canceled because the king became ill?

Which of the following is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party?

______ is the termination of the contract,and ______ is the return of any property given up under the contract.

The parties' discharge of their obligations by doing what they respectively agreed to do under the terms of the contract is called ____.

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ______ one's damages.

Which of the following is true regarding types of conditions?

A contractual condition of satisfaction may be judged by either a[n] ______ or ______ standard.

A _____ occurs whenever a party fails to perform his or her obligations under the contract.

College president Wally contracts with Alice to teach business law.Alice does a fine job teaching but gets mad at Wally and will not turn in grades.What type of order would Wally seek to require Alice to abide by her contract?

Which of the following is true regarding ways by which a party's contractual obligations may be discharged?

A contractual condition of satisfaction is considered a[n] ______ condition that must be met before the other party's obligation to pay for the performance arises.

Which of the following is true regarding the breach,if any,that occurred?

Why did equitable remedies come into being?

A[n] _____ discharges the nonbreaching party from his or her obligations under the contract.

Discuss the circumstances that result in an anticipatory repudiation of a contract.Discuss the rights of a nonbreaching party when faced with anticipatory repudiation.

An Introduction to Dynamic Business Law

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Illegality

Reality of Assent

Contracts in Writing

Third Party Rights to Contracts

Introduction to Sales and Lease Contracts

Title,Risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Lease Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability,defenses,and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organizations

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, and Termination

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Wills and Trusts

Filters

is the termination of the contract,and is the return of any property given up under the contract.

A contractual condition of satisfaction may be judged by either a[n] or standard.