Question 1

Kali contracts to sell Leony her car for $3,000.This contract will be fully discharged when Kali and Leony​

Accepted Answer

A)   ​agree to sign a bill of sale. 
B)   ​exchange the car for the $3,000. 
C)   ​sign a receipt. 
D)   ​shake hands and go their separate ways.E) All of the above
F) B) and C)

Question 2

Ben and Andrew are parties to a contract.They agree on a novation.The novation does NOT require​

Accepted Answer

A)   ​the existence of a previous, valid obligation. 
B)   ​agreement by all the parties to a new contract. 
C)   ​performance of the original contract by all of the parties. 
D)   ​a new, valid contract.E) A) and B)
F) A) and C)

Question 3

Fact Pattern 17-2Flora, who owns and operates Garden Fresh Organic Farms, agrees to sell Harvesters Grocery a minimum quantity of fresh fruits and vegetables every week for three months.
-Refer to Fact Pattern 17-2.If bad weather destroys Flora's crops,the obligation to deliver produce to Harvesters is​

Accepted Answer

A)   ​breached. 
B)   ​discharged. 
C)   ​not affected. 
D)   ​suspended.E) A) and D)
F) C) and D)

Question 4

Cowtown Creamery,Inc.,needs a certain part for its pasteurizing equipment to continue its operations and orders one for $3,000 from Dairy Supplies Company.Cowtown tells Dairy Supplies that it must receive the part by Tuesday or it will lose $10,000.Dairy Supplies ships the part late.Cowtown can recover​

Accepted Answer

A)   ​$13,000. 
B)   ​$10,000. 
C)   ​$3,000. 
D)   ​$0.E) B) and D)
F) B) and C)

Question 5

Any breach discharges the nonbreaching party from the contract.

Accepted Answer

A) True 
 B)False

Question 6

The amount of compensatory damages is the value of breaching party's promised performance.

Accepted Answer

A) True 
 B)False

Question 7

Any breach allows the nonbreaching party to sue for damages.

Accepted Answer

A) True 
 B)False

Question 8

A material breach occurs when performance is substantial,but not complete.

Accepted Answer

A) True 
 B)False

Question 9

Renee contracts with Scott to pay him $25,000 for his work on Renee's new album "Hip Pop." After Scott performs,they sign an accord,in which Renee promises to pay him $21,000 within thirty days instead of $25,000 later.But she does not pay.Scott can sue Renee on​

Accepted Answer

A)   ​neither the accord nor the original obligation. 
B)   ​the accord only. 
C)   ​the accord or the original obligation. 
D)   ​the original obligation only.E) C) and D)
F) B) and D)

Question 10

A contract for medical work is not a personal contract.

Accepted Answer

A) True 
 B)False

Question 11

A liquidated damages provision specifies that a certain amount is to be paid in the event of a future default or breach of contract.

Accepted Answer

A) True 
 B)False

Exam 17: Contract Discharge and Remedies

Correct Answer
verified

A material breach occurs when performance is substantial,but not complete.

Correct Answer
verified

Any breach allows the nonbreaching party to sue for damages.

Correct Answer
verified

Correct Answer
verified

A liquidated damages provision specifies that a certain amount is to be paid in the event of a future default or breach of contract.

Correct Answer
verified

The amount of compensatory damages is the value of breaching party's promised performance.

Correct Answer
verified

Ben and Andrew are parties to a contract.They agree on a novation.The novation does NOT require

Correct Answer
verified

Renee contracts with Scott to pay him $25,000 for his work on Renee's new album "Hip Pop." After Scott performs,they sign an accord,in which Renee promises to pay him $21,000 within thirty days instead of $25,000 later.But she does not pay.Scott can sue Renee on

Correct Answer
verified

Any breach discharges the nonbreaching party from the contract.

Correct Answer
verified

Kali contracts to sell Leony her car for $3,000.This contract will be fully discharged when Kali and Leony

Correct Answer
verified

A contract for medical work is not a personal contract.

Correct Answer
verified

Exam 17: Contract Discharge and Remedies

Correct AnswerverifiedShow Answer

A material breach occurs when performance is substantial,but not complete.

Correct AnswerverifiedShow Answer

Any breach allows the nonbreaching party to sue for damages.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A liquidated damages provision specifies that a certain amount is to be paid in the event of a future default or breach of contract.

Correct AnswerverifiedShow Answer

The amount of compensatory damages is the value of breaching party's promised performance.

Correct AnswerverifiedShow Answer

Ben and Andrew are parties to a contract.They agree on a novation.The novation does NOT require​

Correct AnswerverifiedShow Answer

Renee contracts with Scott to pay him $25,000 for his work on Renee's new album "Hip Pop." After Scott performs,they sign an accord,in which Renee promises to pay him $21,000 within thirty days instead of $25,000 later.But she does not pay.Scott can sue Renee on​

Correct AnswerverifiedShow Answer

Any breach discharges the nonbreaching party from the contract.

Correct AnswerverifiedShow Answer

Kali contracts to sell Leony her car for $3,000.This contract will be fully discharged when Kali and Leony​

Correct AnswerverifiedShow Answer

A contract for medical work is not a personal contract.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Ben and Andrew are parties to a contract.They agree on a novation.The novation does NOT require

Correct Answer
verified

Renee contracts with Scott to pay him $25,000 for his work on Renee's new album "Hip Pop." After Scott performs,they sign an accord,in which Renee promises to pay him $21,000 within thirty days instead of $25,000 later.But she does not pay.Scott can sue Renee on

Correct Answer
verified

Correct Answer
verified

Kali contracts to sell Leony her car for $3,000.This contract will be fully discharged when Kali and Leony

Correct Answer
verified

Correct Answer
verified