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Exam 16: Termination and Remedies

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Question 21

Multiple Choice

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Don enters into a contract to buy Ezra's commercial building for a certain price subject to an appraiser's evaluation of the structure's condition. If the appraiser deems the condition to be substandard, the parties' obligations will be

A) discharged .
B) breached .
C) altered.
D) performed.

E) A) and D)
F) C) and D)

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Question 22

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A material breach excuses the nonbreaching party from performance.

A) True
B) False

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Question 23

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Courts normally grant specific performance of personal-service contracts.

Dino hires Eve to perform at Dino's Club, but Eve later breaches the agreement to accept a higher-paying job at Five Star Arena. Dino files a suit against Eve. The court will most likely

In most contracts, promises of performance are conditioned.

A buyer who offers to pay for goods has tendered payment but cannot yet demand delivery.

Most contracts need to be performed only to the satisfaction of a reasonable person unless they expressly state otherwise.

New Builders, Inc., enters into a contract with O'Reilly to refurbish a garage on his property as an auto repair shop. O'Reilly's neighbor Pete challenges the project as a violation of the local zoning laws. A court orders a halt to the project. O'Reilly's contract with New Builders is

An accord and its satisfaction do not discharge the original contractual obligation.

Any contract can be discharged by agreement of the parties.

Ed's Electric Company enters into a contract with Field Crest Apartments to deliver and install an alarm system for a certain price. Both parties perform the acts they have promised. The contract is

There is no difference between complete and substantial performance.

Drainage Equipment, Inc., contracts to sell its assets to Earth Aquatic Corporation. Before either party has performed, rescission of this contract requires

Under the doctrine of mitigation of damages, the required action depends on the nature of the situation.

Tender is an unconditional offer to perform by a person who is ready, willing, and able to do so.

In a contract for a sale of goods, the usual measure of compensatory damages is the difference between the contract price and the market price.

Performance becomes commercially impracticable when a foreseeable, added burden of performing increases the cost slightly.

Damages that compensate the nonbreaching party for the loss of a bargain are known as consequential damages .

Sam contracts to work exclusively for Thermal Company during July for $5,000. On June 30, Thermal cancels the contract. Sam finds a similar job for the month of July but earns only $3,000. Sam files a suit against Thermal. As compensatory damages, Sati can recover

Fact Pattern 16-1 Medical Accounts Collection enters into a contract to employ Natalie as a billing manager for two years. During the first year, Natalie is often absent without explanation and when present fails to adequately do her job. Refer to Fact Pattern 16-1. Natalie's performance most likely