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Exam 20: Discharge and Remedies

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Question 1

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Which of the following is true regarding types of conditions?

A) There is only one type of condition: precedent.
B) There are two types of conditions: precedent and subsequent.
C) There are three types of conditions: precedent, subsequent, and concurrent.
D) There are four types of conditions: precedent, subsequent, concurrent, and timeliness.
E) There are at least ten types of conditions, and their identification varies based upon the subject matter.

F) C) and D)
G) None of the above

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Question 2

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Which of the following is true regarding ways by which a party's contractual obligations may be discharged?

A) Performance is the only way a party's contractual obligations may be discharged.
B) The failure of a condition to occur and performance are the only ways a party's contractual obligations may be discharged.
C) Operation of law is the only way a party's contractual obligations may be discharged.
D) Discharge may occur through material breach by one or both parties.
E) Discharge may not occur through the failure of a condition to occur.

F) A) and D)
G) C) and D)

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Question 3

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Set forth the elements for a finding of substantial performance and the effect of a finding of substantial performance on damages.

The obligation to use reasonable efforts to minimize damage resulting from a breach is referred as the duty to ______ one's damages.

Under ordinary circumstances, a party's duty to perform a promise agreed to in a contract is absolute.

College president Wally contracts with Alice to teach business law. Alice does a fine job teaching but gets mad at Wally and will not turn in grades. What type of order would Wally seek to require Alice to abide by her contract?

In a case where no actual damages result from the breach of a contract, the court may award the plaintiff nominal damages.

Which of the following is true regarding the result in the case in the text Thrifty Rent-A-Car System v. South Florida Transport, in which the plaintiffs sued the defendant, the operator of a Thrifty franchise, for amounts owed, but the defendant resisted payment on the basis that several hurricanes rendered the business operations commercially impractical?

Which of the following are the two primary kinds of performance?

Contracts containing conditions affecting the performance obligations of the parties are called ______ contracts.

Powder Room Mess." For $300,000, Willis agrees to build a new home for Robert, who is very picky. Willis builds the home to Robert's specifications with one exception. The faucets and linoleum flooring in an upstairs powder room are not exactly what Robert specified. That was a mistake on Willis' part, but he had not intentionally failed to follow specifications. When Robert sees the powder room, he goes ballistic and tells Willis that he will not pay Willis anything for the house. It will take $300 to put in correct faucets and linoleum. Willis says that he is willing to pay $300 to put Robert in the position he would have been in had the correct faucets and linoleum been used, but that is all he is willing to pay. -Which of the following is true regarding the appropriate amount of damages, if any?

A contractual condition of satisfaction is considered a[n] ______ condition that must be met before the other party's obligation to pay for the performance arises.

Which of the following occurs when a party unjustifiably fails to substantially perform his or her obligations under the contract?

Why did equitable remedies come into being?

Monetary damages are also referred to as ______ damages.

Substitution of a party to a contract is called guaranteeing.

Rewriting a contract to reflect what the parties had agreed on is referred to as rescission.

A condition ______ is a future event that terminates the obligations of the parties when it occurs.

The most frequently awarded damages are compensatory damages.

Restitution is the return of any property given up under the contract.