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Exam 11: Contract Performance, breach, and Remedies

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Question 1

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Steel Mill Inc.agrees to deliver a certain quantity of steel to T-Bar Framing Corporation.The agreement states that delivery is to be within "9" days,although the parties intend "90" days.The seller cannot convince the buyer to amend the contract.The most appropriate remedy is

A) damages.
B) reformation.
C) rescission.
D) specific performance.

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

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Question 2

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Restore Inc.contracts to resurface the pools at Swim Park by June 1.Restore knows that if performance is not timely,Swim Park will have to delay its seasonal opening.Restore finishes the job June 15.In a suit for breach,Swim Park can recover

A) the cost of new pools.
B) the difference between the contract and market prices for the work.
C) the loss of profit from the delayed opening.
D) nothing-the work is done.

E) B) and C)
F) None of the above

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Question 3

Multiple Choice

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Fez enters into a contract to buy 350 acres from Grain Farm to cultivate hops and open a brewery.Fez fails to make the purchase.Grain Farm's remedy is most likely

Data Inc.offers to provide certain services to Enterprise LLC,but mistakenly transposes some of the digits in the price so that $15,400 appears in the offer as $14,500.Enterprise accepts the written offer.Enterprise's best argument in favor of enforcement of the contract is that

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

Sara enters into a contract to sell her condo to Ted for a certain price on a specific day.On that day,Sara unconditionally offers to perform.Sara's offer

A seller who places goods at the disposal of a buyer has tendered delivery but cannot yet demand payment.

In contract law,damages compensate for harm suffered as a result of another's wrongful act,not for the loss of a bargain.

Debt Collection Service enters into a contract to employ Emma as a billing manager for two years.During the first year,Emma is often absent without explanation and when present fails to adequately do her job.This

A bank's sale of its right to receive payment on a loan to a third party is a transfer but not an assignment.

Baez is employed by Credit Agency Inc.On the termination of Baez's position,Credit Agency pays Baez $10,000 to agree not to disclose the employer's confidential information.Later,Baez sells the information to Debt Records LLC for $100,000.In a suit for breach,Credit Agency is most likely to recover

Repair Service enters into a contract to fix washing machines in Soapy Suds Company's coin-operated laundries.Repair breaches the contract.Soapy is awarded compensatory damages.The purpose is to

Apps LLC enters into a contract with Birk,the chief executive officer of Corporate Sales Inc. ,to create an app for the firm.To fulfill the contract,Apps hires Dave as a student intern.With respect to the app contract,Dave is

Jill enters into a contract to buy a certain office building from Kim.At the closing,Kim refuses to transfer title.In a suit for breach,Jill should seek specific performance to

If performance of a contract is not substantial,there is a material breach,which excuses the innocent,non-breaching party from performance.

If contracting parties attach materially different meanings to a contract word or term subject to more than one reasonable interpretation,the contract is void.

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 does not require

A buyer who offers to pay for goods has tendered payment but cannot yet demand delivery.

Health Source Inc.offers to buy Medico Supplies Corporation.On June 1,Medico gives Health Source copies of Medico's financial statements for the previous year.The statements show an inventory of $10 million.On June 15,Medico discovers that the previous year's inventory is overstated by $500,000,but does not inform Health Source.On July 1,Health Source,relying on the financial statements,buys Medico.On July 10,Health Source discovers the inventory overstatement.Can Health Source succeed in a suit against Medico? Explain.

When a contract mistakenly specifies a crane instead of a forklift,a court could reform the contract to reflect the parties' original intent as to the equipment.