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

A) True
B) False

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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.

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Shelley may seek reimbursement for fores...

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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:


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

E) A) and B)
F) C) and D)

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


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

E) B) and C)
F) All of the above

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Restitution requires a return of value to the aggrieved party.

A) True
B) False

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Match each statement with the correct term below. -scienter


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) and V)
\) C) and H)

Correct Answer

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


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.

[) M) and V)
\) I) and V)

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


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) and V)
\) B) and Y)

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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.

A) True
B) False

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Explain three limitations on monetary damages.

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To accomplish the basic purposes of cont...

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

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An agreement setting forth liquidated da...

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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:


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.

E) None of the above
F) All of the above

Correct Answer

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B

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


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.

[) E) and T)
\) N) and W)

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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?


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

E) B) and C)
F) A) and D)

Correct Answer

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Match each statement with the correct term below. -breach


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.

[) R) and Z)
\) U) and X)

Correct Answer

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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.

A) True
B) False

Correct Answer

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


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.

[) F) and Y)
\) A) and X)

Correct Answer

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D

Match each statement with the correct term below. -novation


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.

[) F) and R)
\) J) and S)

Correct Answer

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


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) .

E) A) and B)
F) A) and C)

Correct Answer

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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.

A) True
B) False

Correct Answer

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True

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