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Exam 16: Termination and Remedies

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Question 31

True/False

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A remedy is the relief provided to an innocent party when the other party has breached the contract.

A) True
B) False

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Question 32

Multiple Choice

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Omar and Penn want to discharge their contract by executing a new agreement with performance different from what they originally promised. They can best accomplish this by

A) a mutual agreement to rescind.
B) an accord and satisfaction.
C) a novation.
D) an alteration of the original contract.

E) A) and D)
F) All of the above

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Question 33

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Home Construction LLC enters into a contract with Irene to build a house. Before Home starts to work, the market price for its services increases-in effect, Home will lose money by if it fulfills its contract with Irene. Home notifies her that it will not perform. Home's obligation to perform is

Barb and Conrad are parties to a contract. They agree on a novation. The novation requires

A seller who places goods at the disposal of a buyer has tendered delivery but cannot yet demand payment.

Objective impossibility may discharge a contract.

Jason and Kelly enter into a contract for Jason to renovate Kelly's house by a certain date. Jason never performs. After the applicable statute of limitations period has passed, Kelly decides to bring a suit against Jason for breach. This suit

Megan contracts to sell Nonny her car for $4,000. This contract will be fully discharged when Magan and Nonny

Juan and Isidro enter into a contract to buy, restore and reopen the Coastal Park Carousel. Before either party begins to perform, they agree to cancel their deal. This is

State University provides housing on campus and in some adjacent off-campus neighborhoods. To lease a university house or apartment, a person must be a student at State. This requirement is

A party who in good faith performs substantially all of the terms of a contract can enforce the contract against the other party.

Lana agrees to work as Michelle's personal assistant for one year but dies in the ninth month of the contract. Lana's death

If a contract condition is not satisfied, the obligations of the parties are not discharged.

Inez hires Josh to paint her portrait to her satisfaction for $4,000. When Josh finishes the portrait, Inez announces that she is not satisfied with it. Inez

A liquidated damages provision specifies that a certain amount is to be paid by a breaching party when damages are difficult to determine.

When fraud, mistake, duress, or failure of consideration is present, rescission is not available.

Rene contracts with Scot to pay him $5,000 for repairs to Rene's lake cabin. After Scot performs, Rene tells him that she cannot pay him in full immediately. They sign an agreement in which Rene promises to pay $2,500 now instead of $5,000 later. This is

S pecific performance is not granted unless the party's legal remedy is inadequate.

Floors n' More, Inc., hires Gordon to renovate Floors n' More ' s six floor showroom. Gordon submits plans that Floors n' More approves. Gordon completes the extensive reconstruction, paints the interior, and buys the fixtures and furnishings. Floors n' More rejects two fixtures because they do not match the plans, and subsequently refuses to allow Gordon to finish the work or to collect payment. Could Gordon sue successfully for payment for the entire contract?

In most situations, when a breach of contract occurs, the injured party has a duty to mitigate, or reduce, the damages that he or she suffers.