Question 1

Which of the following describes conditions explicitly stated in the contract?

Accepted Answer

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

Question 2

Which of the following is true regarding the appropriate amount of damages,if any?

Accepted Answer

A)  There are no damages because Willis did not breach the contract. 
B)  Robert will not have to pay for the house because Willis failed to perform as required. 
C)  Even though Willis substantially performed, Robert will not have to pay for the house because Willis materially breached the contract. 
D)  Robert is released from paying for the house because of the anticipatory breach. 
E)  Any damages awarded would be in the range of $300, the amount it would take to fix the breach. 
A)  There are no damages because Willis did not breach the contract. 
B)  Robert will not have to pay for the house because Willis failed to perform as required. 
C)  Even though Willis substantially performed, Robert will not have to pay for the house because Willis materially breached the contract. 
D)  Robert is released from paying for the house because of the anticipatory breach. 
E)  Any damages awarded would be in the range of $300, the amount it would take to fix the breach.

Question 3

Which of the following occurs when the parties to the agreement wish to replace one of the parties with a third party?

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 4

Which of the following occurs when all aspects of the parties' duties under the contract are carried out perfectly?

Accepted Answer

A)  Complete performance 
B)  Substantial performance 
C)  Significant performance 
D)  Absolute performance 
E)  Approved performance 
A)  Complete performance 
B)  Substantial performance 
C)  Significant performance 
D)  Absolute performance 
E)  Approved performance

Question 5

If a contract does not clearly specify that the satisfaction is to be personal,the ______ standard applies.

Accepted Answer

A)  Express 
B)  Subjective 
C)  Objective 
D)  Absolute 
E)  Unbiased 
A)  Express 
B)  Subjective 
C)  Objective 
D)  Absolute 
E)  Unbiased

Question 6

Yolanda and Rodney agreed that Rodney would paint Yolanda's home for $800 with Yolanda supplying the paint.Rodney went to Yolanda's home on several occasions to do the job,but she never had the paint ready.Finally,he moves on to other jobs.Six months later Yolanda sues Rodney for not painting the home.Who is likely to win and why? Set forth the legal term for Rodney's offer of performance.

Accepted Answer

Rodney is most likely to win.T

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

Which of the following describes conditions explicitly stated in the contract?

Which of the following is true regarding the appropriate amount of damages,if any?

Which of the following occurs when the parties to the agreement wish to replace one of the parties with a third party?

Which of the following occurs when all aspects of the parties' duties under the contract are carried out perfectly?

If a contract does not clearly specify that the satisfaction is to be personal,the ______ standard applies.

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

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