Exam 9: Contractual Performance and Breach

Releases usually occur after a contracting party fails to perform.

If something must take place in future, before a party has a duty to perform, it is a condition subsequent.

_____ is a legal term referring to the transfer of possession from the seller to the buyer.

Ian owes $5000 to Shirley, which is payable in five instalments at an interest. However, after two instalments, Ian offers to pay Shirley the entire debt to avoid paying the interest. Which of the following will take place if Shirley announces that Ian does not have to pay the debt in further instalments?

Which of the following states that parties to a written contract may not introduce oral evidence to change written terms?

Acme Corporation is being sued by Howard Bank for $50,000 borrowed by Samantha, the Chief Financial Officer of Acme. Acme had granted a written authority to Samantha to borrow only $50,000. However, a week later, Samantha resigns from the company, and in the name of Acme, borrows an additional $50,000 for personal reasons. If Acme denies the liability of this debt and files a lawsuit against Samantha, which of the following is most likely to be the court's decision?

Under the UCC a party to a sale-of-goods contract receives discharge from performance because of commercial impracticability.

Explain divisibility of performance.

Jenna has contracted with Ebenezer to buy his land for $50,000. Jenna has paid the amount in full. However, Ebenezer has not transferred the land to Jenna. Which of the following remedies is the court most likely to enforce in case Jenna files a suit?

Paying for the items purchased at a store, as the store delivers the items is an example of implied concurrent conditions of performance.

Which of the following is true of the doctrine of respondeat superior?

In a _____, the seller must put the goods in the possession of a carrier and contract with that carrier for their transportation.

Discuss substantial performance?

On April 1st, Billy Bob passes a gun store and sees an AK-47 automatic rifle in the window on sale. Thinking that it would be perfect for hunting squirrels, he asks about the gun and the store owner says that he has a crate of them. He tells Billy Bob that the sale is good for one more week. Billy Bob gives the owner a deposit of $100 to hold one for him till payday. On April 4th, the state legislature passes a statute banning private ownership of automatic weapons. When Billy Bob goes into the store on April 5th is he entitled to purchase the weapon? Explain.

How do legal remedies differ from contractual remedies regarding breach of contract?

A partner in a _____ partnership is one engaged in the business of buying and selling commodities, has the implied authority to borrow money in the usual course of business and to pledge the credit of the firm.

Explain the theory of respondeat superior.

What is the difference between a waiver and a release?

A party to a contract is discharged when that party is relieved from all further responsibility of performance.

The purposeful reduction of damages, usually the responsibility of the nonbreaching party, is known as _____.