Exam 20: Breach of Contract and Remedies

When an anticipatory repudiation of a contract occurs,the aggrieved person's option(s)include:

A waiver of a breach may be either express or implied.

A party injured by the other party's anticipatory repudiation of a contract has the right to bring suit at the time of the repudiation without waiting to see if there will be proper performance when due .

Between experienced businesspersons,exculpatory clauses are generally:

Damages in excess of actual loss are called:

An injured party that does not suffer an actual loss from the breach of a contract is entitled to nominal damages.

Which is NOT a correct statement concerning a liquidated damages clause?

A landlord who continuously accepts late rental payments without collecting the late fee provided in the lease:

Consequential damages are those that necessarily flow from the breach.

Consequential damages may be recovered if:

A party must mitigate damages at all costs.

A contract provision stating that one of the parties shall not be liable for damages in case of a breach is called a(n)__________ clause.

The failure to act or perform in the manner called for by a contract is a:

When a party expressly declares that performance will not be made when required,this declaration is a(n):

Whether there has been a waiver is a question of fact.

Repeated breaches and waivers are generally interpreted to indicate:

Which is not a correct statement concerning the remedy of specific performance?

Beth Roberts purchased a "new" car from Honest John's Car Lot six months ago.The sales agreement expressly described the vehicle as a new car,and all usual factory papers accompanied the sale.However,Beth discovered that the car actually was acquired by Honest John's from another dealer who had used it as a demonstrator and loaned it to business friends on a regular basis.The car had more than 10,000 miles on it,a fact that had been concealed by turning back the odometer.Beth also discovered that Honest John's apparently had engaged in this practice before.Beth is suing for breach of contract.She is asking for compensatory damages equal to the difference between the new car price she paid and the average price the vehicle would have brought as a used car.In addition,she is asking for damages in the amount of $5,000.Honest John's attorney has told Beth that she will fight both claims and has advised Beth that the court will not award $5,000 as punitive damages for such a suit.What do you think?