Exemplary damages are also known as ______ damages.
punitive
Which of the following statements is true about "time is of the essence" clauses in contracts?
These clauses are examples of express conditions precedent.
The award of a very small amount of money, such as $1, acknowledges that a wrong has been done, even though there were no monetary losses. This is an award of ______ damages.
nominal
Which of the following events will NOT discharge a party to a contract based on impossibility of performance?
A steep and unanticipated increase in the cost of performance.
What is another term for consequential damages?
Special
When does tender of performance occur?
When a party to a contract demonstrates that it is ready, willing, and able to perform
When is the only time a court will order the remedy of specific performance?
If the subject matter of the contract is unique and the innocent party cannot be made whole with money damages
To use an accord and satisfaction to discharge obligations under a contract, which of the following must be true?
The performance called for in the accord must be completed.
Which of the following statements about quantum meruit is correct?
It is an equitable remedy to prevent unjust enrichment when there is no contract.
Sir Elton John announced his farewell tour, including a concert in Philadelphia, which planned a parade through the center of the city to honor him. Hotel rooms and private homes along the parade route were rented for large sums by people who wanted to wi
Commercial frustration
A generally phrased anti-assignment clause is to be read as allowing an ______ of rights but forbidding ______ of duties.
assignment; delegation
Rory operates a driveway sealing business. When work is slow, he goes to homes whose driveways need sealing and offers to do the job for some sum of money, to be paid when the job is completed. He always adds, "If you are not satisfied with the job, you d
Objective standard: Would an average, reasonable person be satisfied?
A spouse who is named as the beneficiary in a life insurance contract is a ______ beneficiary.
donee
Laws that restrict the time within which a lawsuit must be filed after the cause of action arises are statutes of ______.
limitations
Ann transferred her right to receive money from Carrie to Bill. In this transaction, Bill is the ______.
assignee
Jim promises to buy Sue's pick-up truck for $5,000, and they agree that the sale will not occur unless the truck passes the Maryland State Vehicle Inspection. This is an example of an ______ condition.
express
Ann transferred her right to receive money from Carrie to Bill. What interest, if any, does Ann retain in the contract with Carrie after the transfer of right to Bill?
All of Ann's rights in the contract with Carrie ended with the transfer to Bill.
In construing a contract, what is the primary function of the court?
Determine the intention of the parties
Ann transferred her right to receive money from Carrie to Bill. What is this transfer?
An assignment
How is payment calculated for a party who renders substantial, but not complete, performance under a contract?
The party is paid the contract price, minus the costs to the other party of having the work completed.
Brad, a world-famous painter, has a contract to paint a portrait of the Smith family for $300,000. Brad would like to delegate this duty to his talented younger cousin, Bud. What options does Brad have?
This is a unique personal service that cannot be delegated.
Carl had a contract to deliver 600 yards of carpeting to Renovator for installation in an office complex. Three days before the delivery date, Carl called to say that he would not be able to deliver the carpeting "any time in the near future." Which of th
Renovator may sue for punitive damages.
Duties cannot be delegated if which of the following exists?
The duties are for personal services.
Carl had a contract to deliver 600 yards of carpeting to Renovator for installation in an office complex. Three days before the delivery date, Carl called to say that he would not be able to deliver the carpeting "any time in the near future." Assume that
Carl may retract the repudiation unless Renovator has indicated that he is treating it as final.
Jack bought a boat from Sam Seller. He made a $500 down payment and agreed to make monthly payments to Sam of $200/month for three years. After a year, Sam agreed to release Jack from the contract and accept future payments instead from Ken, who agreed to
Novation
Angelina has a contract to buy Brads house. The contract says that Angelina obligation to go through with the purchase is contingent on Angelina selling the house she currently owns. Another clause in the contract makes Angelinas purchase contingent on Br
Yes, if her dissatisfaction is actual, honest, and in good faith.
Jack bought a boat from Sam Seller. He made a $500 down payment and agreed to make payments to Sam of $200 each month for three years. After a year, Sam agreed to release Jack from the contract and accept future payments instead from Ken, who agreed to be
novation
Angelina has a contract to buy Brads house. The contract says that Angelina obligation to go through with the purchase is contingent on Angelina selling the house she currently owns. Another clause in the contract makes Angelinas purchase contingent on th
The objective standard: Would an average, reasonable person be satisfied?
Laura hires a snow plow company to clear snow from the condo parking lot where she lives because Laura cannot shovel the snow herself. Lauras neighbors benefit from the snow removal, and are considered which type of beneficiary?
Incidental
Pat purchased her fathers barbershop, which is located next to a coffee shop. The coffee shop is glad to have a tenant next door, as many barbershop customers visit the coffee house after their haircuts. The coffee house is what type of beneficiary?
Incidental