Exam 17: Breach and Remedies

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

Steel Mill Inc. agrees to deliver a certain quantity of steel to T-Bar Framing Corporation. The agreement states that delivery is to be within "9" days, although the parties intend "90" days. The seller cannot convince the buyer to amend the contract. The most appropriate remedy is most likely

When both an owner and a contractor breach a construction contract, a court will attempt to strike a fair balance in awarding damages.

A limitation-of-liability clause in a contract limits the period of time within which an action for breach can be brought.

In contract law, damages compensate for harm suffered as a result of another's wrongful act, not for the loss of a bargain.

Expenses incurred because of a breach of contract to obtain performance from another source are not recoverable in a suit for breach.

The terms of a contract must be sufficiently definite for a court to determine the amount of damages to award.

A contract for a sale of land from Beachfront Properties Inc. to City Development Corporation contains an erroneous legal description. The appropriate remedy for these parties is most likely

The standard measure of compensatory damages is the value of the breaching party's actual performance.

The breach of a contract for a sale of goods qualifies for specific performance when substantially identical goods can be bought or sold in the market.

Shuster's lease of retail premises from Thurgood requires Shuster to pay certain fees, subject to the landlord's proof of the correct amount. Thurgood overcharges Shuster for the fees, without explanation. Most likely, the tenant can rescind the lease

Normally, a court will not award damages unless the appropriate equitable remedy is inadequate.