Exam (elaborations)
LENB 3135 Chapter 11: Contract Performance, Breach, and Remedies (Qs & As)
- Course
- Institution
LENB 3135 Chapter 11: Contract Performance, Breach, and Remedies (Qs & As)
[Show more]
Content preview
LENB 3135 Chapter 11: Contract Performance,Breach, and Remedies (Qs & As)
What is the standard measure of compensatory damages when a contract is
breached? Correct Ans-The difference between the value of the breaching party's promised
performance under the contract and the value of his/her actual performance
What equitable remedies can a court grant, and in what circumstances will a court consider
granting them? Correct Ans-Recission and Restitution, Specific Performance, and
Reformation. Granted when damages are an inadequate remedy for a breach of contract
Fraudulent Misrepresentation Correct Ans-When fraud occurs, usually the innocent party can
enforce or avoid the contract
Undue Influence Correct Ans-Lacks voluntary consent and is voidable
Duress Correct Ans-A party forced to enter a contract under this (compulsion/force by threat)
can rescind the contract
Correct Ans-
Discharge by agreement Correct Ans-By Recission, Novation, Settlement Agreement, Accord
and Satisfaction, or Release
Settlement Agreement Correct Ans-The parties agree to a new contract that replaces the old
contract as a means of settling a dispute
Compensatory Damages Correct Ans-Compensate the nonbreaching party for injuries
actually sustained and proved to have arisen directly from the loss of the bargain resulting from
the breach of contract
, Punitive Damages Correct Ans-Punish and deter wrongdoing
Nominal Damages Correct Ans-Recognize wrongdoing when no monetary loss is shown
Contract provisions limiting Remedies Correct Ans-A contract may provide that no damages
(or only a limited amt.) can be recovered in the event the contract is breached
The enforceability of a liquidated damages clause normally requires two things: 1) When the
contract was entered into, was it apparent that the damages would be _______ to estimate the
event of a breach; 2) The amount set was________. Correct Ans-Difficult; Reasonable
Safe-T Guard Services enters into a contract to secure Taylor's Business Park from vandalism and
theft between 6 p.m. and 6 a.m. nightly for six months. At the end of the term, if there has been
no vandalism or theft in the Park, Safe-T's performance will have been:
- conditional.
-substantial.
-absolute.
-complete. Correct Ans--complete.
True/False: An assignee can compel the obligor to perform. Correct Ans-True
True/False: An obligor is a person to whom a duty is owed. Correct Ans-False
Luciano Pavarotti was an opera tenor of unparalleled talent, but also a temperamental one. He
became known as the "King of Cancellations" for his failure to appear at contracted
performances at opera houses and other venues, sometimes mere days before sold-out
performances. Why didn't the opera houses sue Pavarotti for specific performance?
-Because of laws prohibiting involuntary servitude
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamRoom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79079 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now