ALLIED BUS230 MODULE 5 check your understanding

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Question Points

1. Subjective impossibility usually discharges a contract.

a. True

b. False

2. As soon as a breach occurs, the victim has a duty to:

a. notify the court.

b. mitigate the damages.

c. sue the breaching party.

d. contact a lawyer.

3. Substantial performance is:

a. slightly less than full performance.

b. achieved when a person in good faith has fulfilled all the major requirements of the contract.

c. often applied to construction contracts.

d. all of the choices apply.

4. The parties to a contract may end the contract through agreement, but this method does not include:

a. novation.

b. accord and satisfaction.

c. change in the law.

d. rescission.

5. Mintz sued Jacobs for breach of contract. The court awarded Mintz $1 as damages. This amount is known as:

a. liquidated damages.

b. nominal damages.

c. premeditated damages.

d. abnormal damages.

6. A refusal by a creditor to accept a debtor’s offer to pay cash in settlement of his or her debt:

a. discharges the debt.

b. excuses the debtor from future interest payments.

c. renews the debt for six years.

d. bars legal action by the creditor on the debt.

7. Which of the following statements is true about the term legal impossibility?

a. The defense of legal impossibility is accepted by the courts in only a few situations.

b. Hardships such as strikes, riots, and acts of God are automatically included in the term legal impossibility.

c. Physical impossibility is the same as legal impossibility.

d. All of the choices apply.

8. Equitable remedies are usually allowed by courts:

a. when money damages will not adequately compensate the injured party for his or

b. only when fraud or duress is involved.

c. in place of nominal damages.

d. in all of the choices apply situations.

9. When Wilson finished painting Bryan’s house, Bryan paid her the agreed price. The contract was discharged by:

a. accord and satisfaction.

b. novation.

c. full performance.

d. mutual agreement.

10. Specific performance is an equitable remedy.

a. True

b. False

11. A material change in the terms of a written contract without the consent of both parties is called:

a. alteration.

b. accord and satisfaction.

c. rescission.

d. none of the choices apply.

12. Duress and undue influence have the same meaning.

a. True

b. False

A material breach of contract discharges the contract.

a. True

b. False

14. Jameson and French entered into a contract in which Jameson was required to deliver merchandise to French by January 19. On January 5, Jameson told French that he (Jameson) had no intention of delivering the merchandise required by the contract. Prior to January 19, French may successfully sue Jameson for:

a. accord and satisfaction.

b. substantial performance.

c. liquidated damages.

d. anticipatory breach

15. A contract is not generally discharged by:

a. refusal of a tender of performance.

b. accord and satisfaction.

c. novation.

d. a refusal of a tender of payment.

16. Damages to be awarded to an injured party in case of a breach of contract may be determined by the parties in advance and stated in the contract. These damages are called:

a. substantial damages.

b. inconsequential damages.

c. liquidated damages.

d. equitable damages.

17. In assessing damages for an actual loss, a court will usually grant a plaintiff:

a. compensatory damages.

b. nominal damages.

c. punitive damages.

d. liquidated damages.

18. Failure to perform one’s duty under a contract is:

a. an actual breach.

b. illegal.

c. unethical.

d. voidable.

1

19. Under the common law, the death or serious illness of one of the parties to a contract:

a. has no effect on the contract.

b. discharges a personal services contract.

c. makes the contract impossible to perform.

d. none of the choices apply.

20. Substantial performance does not apply to contracts calling for payment of money.

a. True

b. False

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