Question 1

Identify the considerations the United States Supreme Court outlined for calculating punitive damages.

Accepted Answer

The Supreme Court listed three criteria

Question 2

Under the UCC,if a seller of goods breaches the contract,the buyer:

Accepted Answer

A)  must "cover." 
B)  may receive only the current market value of the goods. 
C)  may "cover" and then receive the difference between the original contract price and the "cover" price. 
D)  will be awarded the difference between the original contract price and the market value of the goods if the buyer chooses to "cover." 
A)  must "cover." 
B)  may receive only the current market value of the goods. 
C)  may "cover" and then receive the difference between the original contract price and the "cover" price. 
D)  will be awarded the difference between the original contract price and the market value of the goods if the buyer chooses to "cover."

Question 3

Damages must be estimated with reasonable certainty.

Accepted Answer

A) True 
 B)False

Question 4

If a court awards nominal damages it will generally:

Accepted Answer

A)  award compensatory damages as well. 
B)  not make a determination as to whether there has been a breach of the contract. 
C)  award punitive damages for the intentional breach of the contract. 
D)  award a very small amount of money. 
A)  award compensatory damages as well. 
B)  not make a determination as to whether there has been a breach of the contract. 
C)  award punitive damages for the intentional breach of the contract. 
D)  award a very small amount of money.

Question 5

Marvin contracts with House Painters R Us to paint the interior of his house lemon yellow throughout.The total contract price is $7,000.House Painters R Us's anticipated profit on the job is $4500.If Marvin breaches the contract before House Painters R Us has begun work on the job and has not incurred any expenses,then its damages will be $7000.

Accepted Answer

A) True 
 B)False

Question 6

Farmer Elvin is holding 200 pounds of potatoes in storage for Chef Noble but Chef Noble has breached the contract by failing to pay for the potatoes.The potatoes are beginning to rot.If Farmer Elvin sells the potatoes to a local diner to make potato soup and salad,then this action would be considered:

Accepted Answer

A)  a reasonable mitigation of damages. 
B)  an attempt to maximize damages. 
C)  an attempt to realize an unwarranted profit. 
D)  conversion. 
A)  a reasonable mitigation of damages. 
B)  an attempt to maximize damages. 
C)  an attempt to realize an unwarranted profit. 
D)  conversion.

Exam 18: Remedies

Identify the considerations the United States Supreme Court outlined for calculating punitive damages.

Under the UCC,if a seller of goods breaches the contract,the buyer:

Damages must be estimated with reasonable certainty.

If a court awards nominal damages it will generally:

Introduction To Law

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