Exam 18: Performance and Remedies

The equitable remedy of specific performance is most likely to be awarded by a court in which of the following circumstances?

The legal remedy of _____ requires the defendant to pay the value of the benefits that the plaintiff has conferred on him.

Where the parties to a contract wish to cancel their contract and be in the same position as they were prior to forming the contract, they should seek to obtain a(n) _____.

When a promisor's performance is an express condition of the promisee's duty to perform, that performance must meet a strict performance standard.

An accountant who substantially performs her duties to her client triggers the client's duty to pay the contract price, less any damages resulting from defects in her performance.

Which of the following is also known as an implied-in-law condition since it is imposed by law rather than by agreement of the parties?

Which of the following allows a party who has materially breached a contract to recover the reasonable value of any benefits he has conferred on the promise?

In the eyes of law, breach of any contract is of equal seriousness.

For which of the following contracts, is a party's subjective dissatisfaction sufficient to excuse his performance under a "personal satisfaction" clause in a contract?

Mike contracts with Bob to purchase Bob's boat. Mike promises to pay Bob $5,000 upon delivery of the boat to Mike's beach house. Bob arrives at Mike's house without the boat, and demands full payment before the boat is to be delivered. Is Mike obligated to pay Bob the money? Why or why not?

Winston contracts to sell a plot of land called Blackacre to Paris for $500,000. Winston breaches the contract and Paris sues him. Blackacre's reasonable market value at the time of the breach was $525,000. Paris can recover:

Performance under a contract must be within a reasonable time when:

Paul contracts to sell his home to Dee for $100,000. The sale, which was negotiated by a broker for two parties who never met, was set to close on September 1. On July 15, Paul discovers the identity of the buyer, and immediately writes Dee to tell him that there's no way he'll ever sell his house to "some hippy." Must Dee wait until September 1 to sue Paul for breach of contract?

Which of the following is a condition subsequent?

Stacey wanted someone to paint her house. Jessica offered to do it for $300 while Nancy offered to do it for $250. A few days after Stacey entered into a contract with Nancy, the latter increased her fees to $400. By this time, Jessica was not interested in entering into a contract with Stacey anymore. Stacey can seek to be compensated on the basis of a(n) _____.

Price signed a contract to sell Wyatt a parcel of land for $90,000. The entire sales price was payable at the closing. Price has decided to keep the land. If Wyatt commences an action against Price, what relief is Wyatt most likely to receive?

Which of the following is the starting point in calculating the compensatory damages that the plaintiff had the right to expect?

Roe promises to build a house for Crown for which, Crown agrees to pay him $10,000 when the house is complete. This example is related to the concept of:

Damages that are agreed upon at the time the contract is entered into are called _____.

Which of the following is true of the materiality of breach?