Question 1

Match each statement with the correct term below.
-unilateral contract

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. D

Question 2

Where a contract is unenforceable because of the statute of frauds,a party may recover the benefits conferred on the other party in reliance on the contract.

Accepted Answer

A) True 
 B)False  True

Question 3

Howard needs a truck to pull a 2,000-pound trailer.Gordon tells Howard,"My truck will pull a 2,000 pound trailer with ease." Relying on Gordon's statement,Howard buys the truck,but it will not pull a 2,000-pound trailer.If Gordon did not intend to deceive and Howard sues for nonfraudulent misrepresentation,he can ask for:

Accepted Answer

A) punitive damages, but not out-of-pocket damages. 
B) out-of-pocket damages, plus consequential damages. 
C) out-of-pocket damages plus punitive damages. 
D) nominal damages because Howard should have known the capacity of the truck. 
A) punitive damages, but not out-of-pocket damages. 
B) out-of-pocket damages, plus consequential damages. 
C) out-of-pocket damages plus punitive damages. 
D) nominal damages because Howard should have known the capacity of the truck. B

Question 4

Match each statement with the correct term below.
-breach

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive.

Question 5

In which of the following situations will a court grant specific performance?

Accepted Answer

A) In a case involving breach of contract for the sale of real property. 
B) In contracts for personal services. 
C) Where goods are unique or rare. 
D) Two of the above, (a) and (c). 
A) In a case involving breach of contract for the sale of real property. 
B) In contracts for personal services. 
C) Where goods are unique or rare. 
D) Two of the above, (a) and (c).

Question 6

Match each statement with the correct term below.
-novation

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive.

Question 7

Match each statement with the correct term below.
-exculpatory clause

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive.

Question 8

Barbara,an antique dealer,intentionally misrepresents the value of an antique chest of drawers,as $6,000 when she has reason to know the value is considerably less.Margaret agrees to buy it for $5,500.It is worth $2,500.In a state that uses the "out-of-pocket" rule,Margaret's damage award would be:

Accepted Answer

A) $3,500. 
B) $3,000. 
C) $500. 
D) $2,500. 
A) $3,500. 
B) $3,000. 
C) $500. 
D) $2,500.

Question 9

The purpose of reliance damages is to place the injured party in a position as good as he would have held if the contract had not been made.

Accepted Answer

A) True 
 B)False

Question 10

Match each statement with the correct term below.
-bilateral contract

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive.

Question 11

Match each statement with the correct term below.
-promissory estoppel

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive.

Question 12

To fully compensate a plaintiff for losses suffered for a breach of contract,punitive damages are always awarded.

Accepted Answer

A) True 
 B)False

Question 13

Explain three limitations on monetary damages.

Accepted Answer

To accomplish the basic purposes of cont

Question 14

Eve agrees to sell her boutique to Shelley for $150,000.Shelley spends $60,000 on inventory and fixtures for the store,but then Eve repudiates the contract.Shelley is able to sell the inventory and fixtures for $45,000.Since Shelley cannot establish her lost profits with reasonable certainty,discuss what damages she should seek for Eve's breach of contract.

Accepted Answer

Shelley may seek reimbursement for fores

Question 15

Restitution requires a return of value to the aggrieved party.

Accepted Answer

A) True 
 B)False

Question 16

Contract damages that put the injured party in as good a position as if the other party had performed are:

Accepted Answer

A) compensatory damages. 
B) incidental damages. 
C) consequential damages. 
D) liquidated damages. 
A) compensatory damages. 
B) incidental damages. 
C) consequential damages. 
D) liquidated damages.

Question 17

Busby contracts to build a house for Connell.Busby finishes approximately half of the house and quits.Connell files suit against Busby.Which remedy is not available?

Accepted Answer

A) Compensatory damages. 
B) Specific performance. 
C) Reformation. 
D) Nominal damages. 
A) Compensatory damages. 
B) Specific performance. 
C) Reformation. 
D) Nominal damages.

Question 18

When will a court enforce a liquidated damage clause? When will a court refuse to enforce one?

Accepted Answer

An agreement setting forth liquidated da

Question 19

Even if a party has the power to avoid a contract for lack of capacity,duress,or undue influence,the party will lose that power by affirming the contract.

Accepted Answer

A) True 
 B)False

Question 20

Match each statement with the correct term below.
-scienter

Accepted Answer

A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive. 
A) A contract by which an offeror is bound to keep an offer open for a specified period of time. 
B) Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will. 
C) Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence. 
D) A contract in which only one party makes a promise. 
E) A failure to properly perform contractual promises.
F)A contract that has not been fully performed.
G)A provision excusing one party from fault or liability.
H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
I)A contract in which both parties exchange promises.
J)An event that must or must not occur before performance is due under a contract.
K)Transfer of a contractual obligation to a third party.
L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
M)A promise that imposes no obligation on the promisor.
N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
P)A substituted contract involving a new third-party promisor or promisee.
Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
R)Voluntary transfer of contractual rights to a third party.
S)Affirmation of the entire contract.
T)Specifies contracts that must be in writing to be enforceable.
U)A party owing a duty under a contract.
V)A formal court order prohibiting a party from doing a specific act.
W)Approval based on whether a reasonable person would be satisfied.
X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
Y)An agreement of a buyer to purchase the entire production of a particular seller.
Z)Knowledge of falsity and intention to deceive.

Exam 18: Contract Remedies

Match each statement with the correct term below. -unilateral contract

Where a contract is unenforceable because of the statute of frauds,a party may recover the benefits conferred on the other party in reliance on the contract.

Match each statement with the correct term below. -breach

In which of the following situations will a court grant specific performance?

Match each statement with the correct term below. -novation

Match each statement with the correct term below. -exculpatory clause

Barbara,an antique dealer,intentionally misrepresents the value of an antique chest of drawers,as $6,000 when she has reason to know the value is considerably less.Margaret agrees to buy it for $5,500.It is worth $2,500.In a state that uses the "out-of-pocket" rule,Margaret's damage award would be:

The purpose of reliance damages is to place the injured party in a position as good as he would have held if the contract had not been made.

Match each statement with the correct term below. -bilateral contract

Match each statement with the correct term below. -promissory estoppel

To fully compensate a plaintiff for losses suffered for a breach of contract,punitive damages are always awarded.

Explain three limitations on monetary damages.

Restitution requires a return of value to the aggrieved party.

Contract damages that put the injured party in as good a position as if the other party had performed are:

Busby contracts to build a house for Connell.Busby finishes approximately half of the house and quits.Connell files suit against Busby.Which remedy is not available?

When will a court enforce a liquidated damage clause? When will a court refuse to enforce one?

Even if a party has the power to avoid a contract for lack of capacity,duress,or undue influence,the party will lose that power by affirming the contract.

Match each statement with the correct term below. -scienter

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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