Question 1

Why did equitable remedies come into being?

Accepted Answer

A)   To fashion remedies when the existing laws did not provide any adequate ones.
B)   To supplement compensatory damages with punitive damages.
C)   To provide a way to award nominal damages.
D)   To provide a way to award consequential damages.
E)   To provide a way to award certain parties liquidated damages.F) D) and E)
G) A) and B)

Question 2

From what country did equitable remedies,as applied in the U.S.,grow?

Accepted Answer

A)   France
B)   Italy
C)   England
D)   Spain
E)   PortugalF) A) and C)
G) C) and D) C

Question 3

Which of the following conditions occur when each party's performance is conditioned on the performance of the other?

Accepted Answer

A)   Precedent
B)   Subsequent
C)   Concurrent
D)   At large
E)   CertainF) A) and D)
G) A) and C) C

Question 4

A contractual condition of satisfaction may be judged by either a[n] ______ or ______ standard.

Accepted Answer

A)   Objective; express
B)   Subjective; express
C)   Objective; absolute
D)   Absolute; express
E)   Objective; subjectiveF) C) and D)
G) A) and B)

Question 5

______ is the termination of the contract,and ______ is the return of any property given up under the contract.

Accepted Answer

A)   Rescission; restitution
B)   Rescission; reformation
C)   Reformation; restitution
D)   Reformation; rescission
E)   Rescission; compensationF) All of the above
G) C) and D)

Question 6

Which of the following is true regarding the breach,if any,that occurred?

Accepted Answer

A)   Willis did not breach the contract.
B)   Willis materially breached the contract.
C)   Willis substantially breached the contract.
D)   Willis breached the contract.
E)   Willis committed an anticipatory breach of the contract.F) A) and E)
G) A) and B)

Question 7

Which of the following is true regarding types of conditions?

Accepted Answer

A)   There is only one type of condition: precedent.
B)   There are two types of conditions: precedent and subsequent.
C)   There are three types of conditions: precedent, subsequent, and concurrent.
D)   There are four types of conditions: precedent, subsequent, concurrent, and timeliness.
E)   There are at least ten types of conditions, and their identification varies based upon the subject matter.F) C) and D)
G) A) and B)

Question 8

A _____ occurs whenever a party fails to perform his or her obligations under the contract.

Accepted Answer

A)   Split
B)   Break
C)   Breach
D)   Misdeed
E)   MistakeF) A) and C)
G) All of the above

Question 9

Which of the following is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party?

Accepted Answer

A)   Frustration of purpose
B)   Commercial impracticability
C)   Alteration of the contract
D)   Anticipatory repudiation
E)   Anticipatory renunciationF) A) and E)
G) A) and D)

Question 10

Which of the following occurs when a contracting party refuses to complete the contract before the actual time of performance?

Accepted Answer

A)   Preemptive repudiation
B)   Anticipatory repudiation
C)   Advance refusal
D)   Advance repudiation
E)   Preparatory refusalF) A) and B)
G) A) and D)

Question 11

Which of the following is used when,by agreement one of the parties substitutes a different performance for his or her original duty under the contract?

Accepted Answer

A)   Accord and satisfaction
B)   Novation
C)   Substituted contract
D)   Mutual rescission
E)   AlterationF) C) and E)
G) A) and B)

Question 12

The parties' discharge of their obligations by doing what they respectively agreed to do under the terms of the contract is called ____.

Accepted Answer

A)   Discharge by tender
B)   Discharge by performance
C)   Discharge by finishing
D)   Discharge by absolution
E)   Discharge by reasonF) A) and B)
G) None of the above

Question 13

Which of the following is true regarding ways by which a party's contractual obligations may be discharged?

Accepted Answer

A)   Performance is the only way a party's contractual obligations may be discharged.
B)   The failure of a condition to occur and performance are the only ways a party's contractual obligations may be discharged.
C)   Operation of law is the only way a party's contractual obligations may be discharged.
D)   Discharge may occur through material breach by one or both parties.
E)   Discharge may not occur through the failure of a condition to occur.F) B) and C)
G) A) and E)

Question 14

College president Wally contracts with Alice to teach business law.Alice does a fine job teaching but gets mad at Wally and will not turn in grades.What type of order would Wally seek to require Alice to abide by her contract?

Accepted Answer

A)   An order of specific performance
B)   A compensatory order
C)   A nominal order
D)   A consequential order
E)   A demand orderF) B) and E)
G) C) and E)

Question 15

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ______ one's damages.

Accepted Answer

A)   Reduce
B)   Remit
C)   Reform
D)   Mitigate
E)   MigrateF) A) and B)
G) A) and C)

Question 16

Discuss the circumstances that result in an anticipatory repudiation of a contract.Discuss the rights of a nonbreaching party when faced with anticipatory repudiation.

Accepted Answer

Anticipatory repudiation occurs when a c...

Question 17

A contractual condition of satisfaction is considered a[n] ______ condition that must be met before the other party's obligation to pay for the performance arises.

Accepted Answer

A)   Partial
B)   Conditional
C)   Express
D)   Implied
E)   ConcurrentF) D) and E)
G) C) and E)

Question 18

Which of the following is true regarding Frank's refusal to keep Creaky and Toady?

Accepted Answer

A)   He committed an anticipatory repudiation.
B)   He is not guilty of any breach because he gave Beverly sufficient warning that he was not willing to perform.
C)   He is not guilty of any breach because the contract is not over $1,000 in amount.
D)   He is guilty of an immaterial breach because of the low value of the contract.
E)   He is guilty of a nominal breach.F) C) and D)
G) A) and B) A

Question 19

A[n] _____ discharges the nonbreaching party from his or her obligations under the contract.

Accepted Answer

A)   Immaterial breach
B)   Substantial breach
C)   Material breach
D)   Delineated breach
E)   Crossed breachF) C) and D)
G) A) and C)

Question 20

Which of the following doctrines arose from cases in England in which parties who had contracted for rooms along a parade route for a king's coronation,received their money back when the coronation was canceled because the king became ill?

Accepted Answer

A)   Frustration of purpose
B)   Commercial impracticability
C)   Alteration of the contract
D)   Anticipatory repudiation
E)   Anticipatory renunciationF) A) and B)
G) D) and E)

Exam 20: Performance,Breach of Contract,discharge,and Remedies

Why did equitable remedies come into being?

Correct AnswerverifiedShow Answer

From what country did equitable remedies,as applied in the U.S.,grow?

Correct AnswerverifiedC

Which of the following conditions occur when each party's performance is conditioned on the performance of the other?

Correct AnswerverifiedC

A contractual condition of satisfaction may be judged by either a[n] ______ or ______ standard.

Correct AnswerverifiedShow Answer

______ is the termination of the contract,and ______ is the return of any property given up under the contract.

Correct AnswerverifiedShow Answer

Which of the following is true regarding the breach,if any,that occurred?

Correct AnswerverifiedShow Answer

Which of the following is true regarding types of conditions?

Correct AnswerverifiedShow Answer

A _____ occurs whenever a party fails to perform his or her obligations under the contract.

Correct AnswerverifiedShow Answer

Which of the following is used as a basis for discharge by operation of law when performance is still objectively possible but would be extraordinarily injurious or expensive to one party?

Correct AnswerverifiedShow Answer

Which of the following occurs when a contracting party refuses to complete the contract before the actual time of performance?

Correct AnswerverifiedShow Answer

Which of the following is used when,by agreement one of the parties substitutes a different performance for his or her original duty under the contract?

Correct AnswerverifiedShow Answer

The parties' discharge of their obligations by doing what they respectively agreed to do under the terms of the contract is called ____.

Correct AnswerverifiedShow Answer

Which of the following is true regarding ways by which a party's contractual obligations may be discharged?

Correct AnswerverifiedShow Answer

College president Wally contracts with Alice to teach business law.Alice does a fine job teaching but gets mad at Wally and will not turn in grades.What type of order would Wally seek to require Alice to abide by her contract?

Correct AnswerverifiedShow Answer

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ______ one's damages.

Correct AnswerverifiedShow Answer

Discuss the circumstances that result in an anticipatory repudiation of a contract.Discuss the rights of a nonbreaching party when faced with anticipatory repudiation.

Correct AnswerverifiedAnticipatory repudiation occurs when a c...View AnswerShow Answer

A contractual condition of satisfaction is considered a[n] ______ condition that must be met before the other party's obligation to pay for the performance arises.

Correct AnswerverifiedShow Answer

Which of the following is true regarding Frank's refusal to keep Creaky and Toady?

Correct AnswerverifiedA

A[n] _____ discharges the nonbreaching party from his or her obligations under the contract.

Correct AnswerverifiedShow Answer

Which of the following doctrines arose from cases in England in which parties who had contracted for rooms along a parade route for a king's coronation,received their money back when the coronation was canceled because the king became ill?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
C

Correct Answer
verified
C

A contractual condition of satisfaction may be judged by either a[n] or standard.

Correct Answer
verified

is the termination of the contract,and is the return of any property given up under the contract.

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Anticipatory repudiation occurs when a c...
View Answer

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified