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Exam 16: Termination and Remedies

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Question 41

Multiple Choice

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City Delivery, Inc., enters into a contract to deliver furniture to Damien's house with payment due on July 4. On July 4, Damien's bank is closed, and for this reason, he claims that he cannot pay on time. In this situation

A) the bank is liable for breach.
B) Damien is in breach.
C) the contract is discharged.
D) the contract is suspended.

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

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Question 42

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Punitive damages are seldom awarded in lawsuits for breach of contract.

A) True
B) False

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Question 43

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Isabel orally agrees to buy a unique collection of nineteenth-century cowboy memorabilia for $10,000 from Jessie and sends $2,500 as a down payment. When Isabel pays the rest of the price, Jessie refuses to ship the collection. Isabel should seek

The most common way to terminate contractual duties is by

Fern, who owns and operates Garden Farm, agrees to sell Harvest Grocery a minimum quantity of fresh fruits and vegetables every week for three months. If bad weather destroys Fern's crops, the obligation to deliver produce to Harvest is

For mutual rescission of a contract to take place, the parties must make another agreement.

Dairy Farm enters into a contract with EZ Serve Ice Cream Company to supply milk. Later, Dairy decides that it is no longer advantageous to fulfill the contract and subsequently fails to perform as promised. EZ files a suit against Dairy. A breach of contract occurred when

Leah and Mason are parties to a contract for the sale of Mason's day care facility to Leah. Before the deal closes, they agree to substitute Nell for Leah as a party to the deal. This novation does not require

Isaac holds one ton of perishable fruit in storage for Juice Smoothies Corporation. Juice Smoothies does not pay for the storage. Isaac sells the fruit to Kayo Beverage Company. This sale represents

Fact Pattern 16-1 Medical Accounts Collection enters into a contract to employ Natalie as a billing manager for two years. During the first year, Natalie is often absent without explanation and when present fails to adequately do her job. Refer to Fact Pattern 16-1. Natalie's performance is most likely

Contractual obligations will be discharged when the specific subject matter of the contract is destroyed.

A statute of limitations limits the amount of damages that the nonbreaching party can obtain for a breach.