Business Law Chapter 18: Question Preview (ID: 31186)

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A breach of contract entitled the nonbreaching party to sue for monetary damages.
a) true b) false c) d)
Most parties settle their lawsuits for damages or other remedies prior to trial.
a) true b) false c) d)
The four broad types of damages in contract law are conciliatory, consecutive, punctual, and nominative.
a) false b) true c) d)
Compensatory damages compensate an injured party for damages arising directly from the loss of a bargain caused by a breach of contract.
a) true b) false c) d)
Special damages are awarded for damage caused by special circumstances beyond a contract.
a) true b) false c) d)
A person’s actions may cause a breach of contract or a tort, but not both.
a) false b) true c) d)
The duty owed under the mitigation of damages doctrine depends on the nature of the contract.
a) true b) false c) d)
A penalty provision specifies a certain amount to be paid in the event of a default or breach of contract.
a) true b) false c) d)
Specific performance is the remedy customarily used when one party has breached a contract for the sale of goods.
a) false b) true c) d)
The purpose of the doctrine of election of remedies is to permit double recovery.
a) false b) true c) d)
A party seeking to recover in quasi contract must show that there was an actual contract or agreement between the parties.
a) false b) true c) d)
A party who knowingly accepts defective performance of a contract waives the breach.
a) true b) false c) d)
A contract may include a clause stating that no damages can be recovered for a certain type of breach.
a) true b) false c) d)
Consumer Credit Union pays Derby $10,000 to design an ad campaign. The next day, Derby tells the credit union that he has accepted a job in Boston and cannot design the campaign. As compensatory damages, the credit union can recover
a) $10,000 b) $100,000 c) $1,000 d) $0
If Pure Oil Company wishes to receive punitive QuickBilt they will...
a) punish QuikBilt and deter others from similar acts. b) establish, as a matter of principle, that QuikBilt acted wrongfully. c) provide Pure with funds for a foreseeable loss beyond the contract. d) provide Pure with funds for its loss of the bargain.
SFX Paintball and Truck/Trailer Delivery Corporation sign an agreement to pay $1,000 for any breaches that occur. Because damages can be difficult to estimate; the $1,000 is...
a) a liquidated damages clause. b) a mitigation of damages clause. c) a nominal damages clause. d) a penalty clause.
Karif orally agrees to buy a unique collection of sports memorabilia for $1,000 from Jane and sends her $250 as a down payment. When Karif sends her the rest of the price, Jane refuses to ship the collection. Karif should seek
a) specific performanc b) damages c) recission d) specific performance
Lester and Myrtle want to rescind their contract under which Lester sold an MP3 player for $40. To rescind the contract
a) Lester must return the $40 and Myrtle must return the player. b) Lester must return the $40 only. c) Myrtle must return the player only. d) the parties can keep the “benefits” of their bargain.
An agreement states that a contract will be fulfilled in 3-Days. This was a typo and was supposed to read 30-Days. Amending a contract with an error like this is called a
a) reformation b) damages c) recission d) specific performance
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