Exam 9: Contractual Performance and Breach

_____ is a level of performance below what is reasonably acceptable.

One party's tender of performance may satisfy a required condition leading to the other party's duty to perform.

Which of the following is true of liquidated damages?

Radford Co. hired Leeds Associates, a law firm, to manage their legal matters. In this contract, Leeds Associated is a/an _____.

When only one of the parties drafts (writes) a contract, courts will interpret ambiguous or vague terms against the party that drafts them.

Sheena is a week late in paying her rent. She requests her landlord to not charge her the late payment fees, and the landlord agrees. This is an example of a waiver.

A partner in a trading partnership, such as an accounting or other service firm, has no implied power to borrow money. In the latter case, such authority must be actual before the firm will be bound.

An employment contract is an example of divisibility of performance.

Alan's Saddles makes high level seats for racing bicycles and sells to many of the top bicycle manufacturers. There are eight available sources of the type of rubber that Alan's uses; however, Alan's has always dealt with a company in the Republic of Anaerobia exclusively due to their reasonable cost. Porter's company has a contract with Alan's for 10,000 seats. Porter has just received a letter from Alan's explaining that due to turmoil in Anaerobia, their supplier cannot export their product so Alan's cannot complete the contract. Which of the following is true of this situation?

A contracting party has no duty to perform prior to a condition precedent being satisfied.

An employer who must pay for an employee's tort under respondeat superior may legally sue the employee for reimbursement.

If a contract contains a condition precedent it means that:

An agent who causes harm to a third party may create legal liability owed by the principal to the third party. This liability is known as:

Explain what is impossibility of performance.

Which of the following is true of a waiver?

Which of the following is true of the assumption of risks during delivery of goods?

How can frolic and detour be used as a defense by an employer in case of respondeat superior?

With regard to remedies available for breach of contract, when would compensatory and consequential damages apply and when might an injured party seek specific performance?

Herman writes a note to Gerard, the manager of the neighborhood grocery store, asking him to allow Bernard, Herman's restaurant manager, to charge $500 worth of groceries to the restaurant's account at the grocery store. This is an example of which of the following?

An offer to perform one's required duties under a contract is called a: