Preview

Contract and Legal Concepts

Satisfactory Essays
Open Document
Open Document
6033 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Contract and Legal Concepts
1) Tender of performance is another term for completion of performance.

Answer: FALSE
Diff: 1
Topic: Substantial Performance: Minor Breach

2) Substantial performance constitutes a minor breach of the contract.

Answer: TRUE
Diff: 2
Topic: Substantial Performance: Minor Breach

3) When there is substantial performance of a contract with a minor breach, the other nonbreaching party may sue to recover the cost to repair the defect.

Answer: TRUE
Diff: 1
Topic: Substantial Performance: Minor Breach

4) Specific performance is the most common remedy for a breach of contract.

Answer: FALSE
Diff: 1
Topic: Substantial Performance: Minor Breach

5) A material breach allows the other party to rescind a contract.

Answer: TRUE
Diff: 1
Topic: Inferior Performance: Material Breach

6) A breach of a contract cannot occur until the time for performance of the duty in question.

Answer: FALSE
Diff: 1
Topic: Inferior Performance: Material Breach

7) When one party materially breaches a contract, the other nonbreaching party is discharged from any further performance.

Answer: TRUE
Diff: 1
Topic: Inferior Performance: Material Breach

8) When performance is tendered, this will discharge a party's contractual obligations.

Answer: TRUE
Diff: 2
Topic: Inferior Performance: Material Breach

Answer: FALSE
Diff: 1
Topic: Inferior Performance: Material Breach

10) When there is an anticipatory breach, the nonbreaching party's obligations under the contract are discharged immediately.

Answer: TRUE
Diff: 1
Topic: Anticipatory Breach

11) The primary goal of compensatory damages is to compensate a nonbreaching party for the loss of the bargain.

Answer: TRUE
Diff: 1
Topic: Monetary Damages

12) The UCC governs damages for a breach of a sales contract involving goods.

Answer: TRUE
Diff: 2
Topic: Monetary Damages

13) A buyer can generally recover the additional cost of acquiring substitute goods
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Ms. Granbury's Employment Discharge Case
    • 1906 Words
    • 8 Pages

    Ms. Granbury's Employment Discharge Case

    Can the Ms. Granbury claim illegal discharge from her employment through a citation of breach of an implied contract?…

    • 1906 Words
    • 8 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Unit 14 P6
    • 132 Words
    • 1 Page

    Unit 14 P6

    All consequences of the breach of the condition are deemed to be sufficiently serious to justify termination. The buyer cannot terminate the contract if the non-conformity is a minor defect and slight breach. Slight breach is treated as a breach of warranty in the business sales contract. Slight breach is the breach when the conse-quences of breach do not go to the root of the contract or detriment the purpose of the contract. If the buyer accepts the goods there is no right of termination because termi-nation remedy required…

    • 132 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Powerful Essays

    Banco International, Inc V. Goody's Family Clothing
    • 1094 Words
    • 5 Pages

    Banco International, Inc V. Goody's Family Clothing

    A Breach of contract is the nonperformance of a contractual duty. The breach is material when performance is not at least substantial. If there is a material breach, then the non-breaching party is excused from the performance of contractual duties and can sue from damages resulting from the breach. (Clarkson, Miller and Cross, Business Law Text and Cases, page 324).…

    • 1094 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    PRETEST 2

    • 702 Words
    • 7 Pages

    PRETEST 2

    ____ is a remedy requiring a breaching party to carry out the terms of the contract.…

    • 702 Words
    • 7 Pages
    Good Essays
    Read More
  • Good Essays

    Lwc1 Study Plan
    • 8919 Words
    • 36 Pages

    Lwc1 Study Plan

    There is no intention to contract, but the plaintiff gives some benefit to the defendant, who knows that the plaintiff expects compensation; it would be unjust not to award the plaintiff damages.…

    • 8919 Words
    • 36 Pages
    Good Essays
    Read More
  • Better Essays

    Business Law
    • 2364 Words
    • 10 Pages

    Business Law

    In most cases, a breach of contract takes place in circumstances whereby one party does not perform exactly and precisely his or her contract obligations. These cases have been recorded mostly in the real estate industry. This is because the majority of sellers normally wish to vacate the house they are selling hastily. The Washington Mutual Bank victimized its borrowers through overcharging for insurance mortgage substitution.…

    • 2364 Words
    • 10 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Contracts Ii
    • 292 Words
    • 2 Pages

    Contracts Ii

    Millie contracted to sell Frank 10,000 bushels of corn to be grown on Millie’s farm. Due to a drought during the growing season, Millie’s yield was much less than anticipated, and she could deliver only 250 bushels to Frank. Frank accepted the lesser amount but sued Millie for breach of contract. Can Millie defend successfully on the basis of outcome impossibility of performance? Explain. Discuss the elements of impossibility of performance and the three situations where this defense can be used.…

    • 292 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    8049 Week 6 CISG obligation slides
    • 1790 Words
    • 11 Pages

    8049 Week 6 CISG obligation slides

    c) The non-breaching party must return all goods received. Requests for Specific Performance • An injured party may be able to request specific performance if the other party is in breach.…

    • 1790 Words
    • 11 Pages
    Good Essays
    Read More
  • Good Essays

    Contracts Outline
    • 9706 Words
    • 39 Pages

    Contracts Outline

    1) General Rule – Contract damages should put the π in as good of a position as if the contract was fulfilled.…

    • 9706 Words
    • 39 Pages
    Good Essays
    Read More
  • Better Essays

    Food Mart
    • 1515 Words
    • 7 Pages

    Food Mart

    Both the business environment and the private sector use contracts as a means for agreement regarding transactions. For any contract to be legally binding four requirements must be met: 1) agreement, 2) consideration, 3) contractual capacity, and 4) lawful object (Cheeseman, 2010, p. 162). After the four requirements are met, it is the responsibility of each party involved to complete their respective obligations. Unfortunately, not all contracts will see completion. Events that arise in the course of the completion of the contract can cause breaches. Other times, one party in the contract fails in his or her obligation because of negligence. When contractual obligations cannot be fulfilled the injured party has certain rights to recover damages or force performance. In this paper the subject to address are situations that have arisen in various contractual scenarios. Based upon the contents of the contracts and causes of the contractual breaches, each scenario will address possible defenses and determine which party will win the suit along with potential remedies.…

    • 1515 Words
    • 7 Pages
    Better Essays
    Read More
  • Better Essays

    Law 421 Contracts
    • 1070 Words
    • 5 Pages

    Law 421 Contracts

    A breach of contract is when a party to an agreement owes a duty to perform and fails to fulfill her obligation (Melvin, 2011). A material breach of contract is when the non-breaching party did not receive the main benefit of the bargain or contract. An example of a material breach is when a homeowner contracts an electrician to install high grade wires for safety reasons and instead the electrician installs…

    • 1070 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Home quiz
    • 405 Words
    • 4 Pages

    Home quiz

    7. In contract law, when a contract is breached, the non-breaching party has an obligation to not aggravate the harm caused by the breach. This is called __________.…

    • 405 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Law 531 Week 5 Practice Test
    • 936 Words
    • 4 Pages

    Law 531 Week 5 Practice Test

    28. Eagle Products, Inc., breaches its contract with Federated Stores Company. Federated files a suit to recover compensatory damages, which are normally assessed to - compensate a nonbreaching party for the loss of a…

    • 936 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Contracts Essay 3 Module 22
    • 955 Words
    • 3 Pages

    Contracts Essay 3 Module 22

    If a breach is considered material, the breach recipient can cancel the contract and sue for damages. However, there must actually be damages before such relief can be granted. Damages in a contract case are generally determined by examining a party’s expectation interest. That is, the breach recipient is entitled to damages measured by how much in money damages would be required to put the party in the same position as if the contract had been properly performed. Homer has no damages unless the costs and expenses to complete the cabin will exceed the original contract price ($200,000) Homer expected to pay.…

    • 955 Words
    • 3 Pages
    Better Essays
    Read More
  • Powerful Essays

    Angela Woodside Case Study
    • 1356 Words
    • 6 Pages

    Angela Woodside Case Study

    Breach of contract states that “failing to perform any term of a contract, written or oral, without a legitimate legal excuse.” Hill, Kathleen and Gerald. Breach of Contract. (n.d.). Retrieved from: http://dictionary.law.com/Default.aspx?selected=93.…

    • 1356 Words
    • 6 Pages
    Powerful Essays
    Read More

Related Topics