Question 1

Any breach allows the nonbreaching party to sue for damages.

Accepted Answer

A) True 
 B)False

Question 2

To rescind a contract,the parties must make a second agreement that satisfies the legal requirements for a contract.

Accepted Answer

A) True 
 B)False

Question 3

Contractors Service,Inc.,enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1. On August 1,her bank is closed,and for this reason,she claims that she cannot pay on time. In this situation

Accepted Answer

A)  Dierdre's bank is liable to Contractors Service.
B)  Dierdre is in breach of contract.
C)  the contract is discharged.
D)  the contract is suspended.E) A) and B)
F) A) and C)

Question 4

Tender is a timely offer or expression of willingness to pay a debt or perform an obligation.

Accepted Answer

A) True 
 B)False

Question 5

Stephanie enters into a contract to work as a lifeguard at Tim's Water Park for the summer in exchange for a weekly paycheck and free admission to the park's attractions. If the parties fulfill their respective duties by performing the acts they have promised,this contract will be

Accepted Answer

A)  avoided.
B)  breached.
C)  discharged.
D)  rescinded.E) B) and C)
F) A) and C)

Question 6

Quest Resources,Inc.,contracts with Ring Communications Corporation (RCC)for RCC to design and build an all-weather communications sys-tem for Quest's field operations. RCC builds the system,but it func-tions effec-tively only in good weather. Is this a breach of the contract? If so,what remedies does Quest have?

Accepted Answer

Performance far below reasonable expecta...

Question 7

A condition is a qualification in a contract based on a future event that is certain to occur.

Accepted Answer

A) True 
 B)False

Question 8

A discharge in bankruptcy will ordinarily prevent creditors from enforcing most of the debtor's contracts.

Accepted Answer

A) True 
 B)False

Question 9

Adrian operates a recycled metals business and contracts to provide ten tons of scrap steel at $500 per ton to be delivered to Build-It-Rite Materials,Inc.,in seven months. An unforeseen shortage of scrap steel suddenly develops,making it impossible for Adrian to fulfill the contract for less than $5,000 per ton. Adrian's best defense against performing the contract would be that

Accepted Answer

A)  performance of the contract is commercially impracticable.
B)  procuring the steel would force the seller into bankruptcy.
C)  the law has rendered performance of the contract illegal.
D)  the specific subject matter of the contract has been destroyed.E) B) and C)
F) A) and D)

Question 10

The most common way to discharge one's contractual duties is by breach of contract.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)  specific performance.
B)  mutual rescission.
C)  accord and satisfaction.
D)  novation.E) A) and D)
F) B) and C)

Question 12

Dharma enters into a contract to manage the operations of Esther's dental office for one year,renewable for subsequent one-year terms. If this contract is discharged like most contracts,it will be

Accepted Answer

A)  canceled.
B)  breached.
C)  altered.
D)  performed.E) B) and C)
F) C) and D)

Exam 16: Performance and Discharge

A discharge in bankruptcy will ordinarily prevent creditors from enforcing most of the debtor's contracts.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
Performance far below reasonable expecta...
View Answer

To rescind a contract,the parties must make a second agreement that satisfies the legal requirements for a contract.

Correct Answer
verified

Contractors Service,Inc.,enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1. On August 1,her bank is closed,and for this reason,she claims that she cannot pay on time. In this situation

Correct Answer
verified

Correct Answer
verified

A condition is a qualification in a contract based on a future event that is certain to occur.

Correct Answer
verified

Tender is a timely offer or expression of willingness to pay a debt or perform an obligation.

Correct Answer
verified

Stephanie enters into a contract to work as a lifeguard at Tim's Water Park for the summer in exchange for a weekly paycheck and free admission to the park's attractions. If the parties fulfill their respective duties by performing the acts they have promised,this contract will be

Correct Answer
verified

Dharma enters into a contract to manage the operations of Esther's dental office for one year,renewable for subsequent one-year terms. If this contract is discharged like most contracts,it will be

Correct Answer
verified

Any breach allows the nonbreaching party to sue for damages.

Correct Answer
verified

The most common way to discharge one's contractual duties is by breach of contract.

Correct Answer
verified

Exam 16: Performance and Discharge

A discharge in bankruptcy will ordinarily prevent creditors from enforcing most of the debtor's contracts.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedPerformance far below reasonable expecta...View AnswerShow Answer

To rescind a contract,the parties must make a second agreement that satisfies the legal requirements for a contract.

Correct AnswerverifiedShow Answer

Contractors Service,Inc.,enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1. On August 1,her bank is closed,and for this reason,she claims that she cannot pay on time. In this situation

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A condition is a qualification in a contract based on a future event that is certain to occur.

Correct AnswerverifiedShow Answer

Tender is a timely offer or expression of willingness to pay a debt or perform an obligation.

Correct AnswerverifiedShow Answer

Stephanie enters into a contract to work as a lifeguard at Tim's Water Park for the summer in exchange for a weekly paycheck and free admission to the park's attractions. If the parties fulfill their respective duties by performing the acts they have promised,this contract will be

Correct AnswerverifiedShow Answer

Dharma enters into a contract to manage the operations of Esther's dental office for one year,renewable for subsequent one-year terms. If this contract is discharged like most contracts,it will be

Correct AnswerverifiedShow Answer

Any breach allows the nonbreaching party to sue for damages.

Correct AnswerverifiedShow Answer

The most common way to discharge one's contractual duties is by breach of contract.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Performance far below reasonable expecta...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified