Exam 10: Contract Performance,breach,and Remedies

The duty owed under the mitigation of damages doctrine depends on the nature of the contract.

A breach of contract entitles the nonbreaching party to sue for damages.

Candace enters into a contract to pay Parker for a business survey and review of Candace's competitors,which Parker delivers on June 1.Candace's unconditional offer,on the same date,to pay Parker is

Only a mistake in value will make a contract voidable.

Clyde contracts with Deephole Excavation,Inc.,to dig an agricultural pond on his farm.Deephole is to keep the excavated gravel in payment.Clyde's neighbor Eden challenges the dig as an illegal gravel pit.A court orders a halt to the dig.Clyde's contract with Deephole is

Any breach-material or minor-discharges the nonbreaching party from the contract.

A contract is discharged when its specific subject matter is destroyed.

Whether a contract's limitation-of-liability clause will be enforced depends on the type of breach that is excused by the clause.

Contracts involving interests in any property must be in writing to be enforceable.

The most common way to discharge one's contractual duties is by novation.

Compensatory damages are foreseeable damages that arise from a party's breach of a contract.

In most contracts,promises of performance are not expressly conditioned.

An incidental beneficiary cannot sue the promisor directly for breach of the contract.

The measurement of compensatory damages for breach of contract is the same for all types of contracts.

An innocent party is discharged when the other party has materially altered a written contract without consent.

Quasi contract is a legal theory under which an obligation is imposed in the absence of an agreement.

Drew contracts to sell a house to Evan.The contract provides that if Drew does not close the deal by February 10,he must pay Evan one-half of the contract price.This provision is not enforceable because it is

Lark enters into a contract to mine limestone in Milena's quarry,sell it,and share the profits on its sale with Milena.If the duties under this contract are discharged like those under most contracts,the duties will be

Maya is a stockbroker.Nora believes that the price of OK Goods,Inc.(OKGI),a widely traded stock,is going to increase substantially.Through Maya,Nora buys 500 shares of OKGI at $10 per share,but the price soon drops to $2.Nora can successfully recover from Maya

Quicksilver Delivery Service contracts to deliver Pete's Pizza Parlor's products to its customers for $5,000,payable in advance.Pete's pays the money,but Quicksilver fails to perform.Can Pete's rescind the contract Can Pete's also obtain restitution What does it mean to "rescind" a contract How is a contract rescinded What is restitution How is restitution accomplished Explain.