Exam 18: Contract Remedies

Bartow signed a contract to coach baseball for Washington High for a period of three years.After two years he is offered and accepts an assistant coaching position at State University.Contract law will not allow Washington High to ask for:

To accomplish the basic purposes of contract remedies,which of the following limitations have not been imposed upon monetary damages?

The remedy for misrepresentation is specific performance of the contract.

Sean breaches an agreement in his employment contract with Inmett Corporation by also working for Inmett's major competitor.Sean's promise to Inmett of his exclusive personal services may be enforced by injunction.

Miller made a contract to sell his condominium to Jefferson for $80,000.Two days later Miller changed his mind after discovering that he could have sold the property to another buyer for an additional $20,000.Jefferson sues and asks the court to have the property conveyed to him at the price of $80,000.Jefferson is seeking:

A liquidated damage clause that represents a reasonable approximation of the damages where the actual amount would be very difficult to determine will usually be upheld.

A contractor and Southampton,Inc.have a contract,which calls for the contractor to build a building with the completion by June 15.If the building is not completed by that date,the contract calls for the contractor to pay $100 per day in damages.The $100 per day is:

Match each statement with the correct term below. -obligor

Match each statement with the correct term below. -undue influence

Restitution can be obtained where a voidable contract is avoided.

Match each statement with the correct term below. -objective satisfaction

A power of avoidance held by a party may be lost if:

Where a party has been induced by fraud to enter a contract,the Restatement of Torts permits the injured party to recover out-of-pocket damages but expressly excludes recovery of benefit-of-the-bargain damages.

What principle did the court apply in the case of Madison Square Garden Corp.,Ill.v.Carnera?

When a breach of contract occurs,the nonbreaching party is required to take reasonable steps to lessen or mitigate the damages that he may sustain.

Marcella pays $12,000 down on a houseboat which Hugh had agreed to sell to her for $64,000.Marcella then repudiates the contract.Hugh sells the houseboat to Lloyd in good faith for $60,000.Marcella may recover from Hugh:

Which of the following is correct with respect to election of remedies?

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

Harry said to Marge,"I have a ring once owned by Marilyn Monroe.Would you like to buy it for $500?" Marge pays for the ring,but the next day a friend tells her that Harry had recently purchased the ring at a local store.Marge enjoys wearing the ring and wears it constantly for twelve months.Finally,she goes to Harry and says,"Here is the ring you lied about.Give me my $500." Most likely Marge will:

Match each statement with the correct term below. -firm offer