Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Question
Al owes Tracy $500, due June 1. Al, Tracy, and Ted mutually agree that Ted will pay Tracy instead of paying Al the money Ted owes Al. Such an agreement is an example of:a. an accord.
b. a novation.
c. a satisfaction.
d. a rescission.
Answer
This answer is hidden. It contains 1 characters.
Related questions
Q:
If no performance is rendered at all under a contract, then the damages will be the loss of value of the promised performance. a. True b. False
Q:
At its discretion, a court of equity may grant an injunction against breach of a contractual duty when damages for a breach would be inadequate. a. True b. False
Q:
Delay will have no effect on the power of avoidance. a. True b. False
Q:
Courts of equity will grant specific performance of contracts for personal services. a. True b. False
Q:
Where a party has been induced by fraud to enter a contract, the Restatement of Torts permits the injured party to recover out-of-pocket damages but expressly excludes recovery of benefit-of-the-bargain damages. a. True b. False
Q:
Incidental damages include lost profits and injury to person or property resulting from defective performance. a. True b. False
Q:
If the parties to a contract stipulate an amount that will be paid in the event of a breach, the courts will always enforce it. a. True b. False
Q:
Equitable remedies result in money awards to the plaintiff. a. True b. False
Q:
Sean breaches an agreement in his employment contract with Inmett Corporation by also working for Inmett's major competitor. Sean's promise to Inmett of his exclusive personal services may be enforced by injunction. a. True b. False
Q:
Explain what may constitute a material breach and list the several basic principles that must be applied to determine if a material breach exists in a given contract.
Q:
Sid contracts to put new kitchen cabinets in Ned's house. Sid repeatedly tries to install the cabinets, but Ned does not grant him access to the house. In this case: a. Ned is discharged from his duties under the contract because of material breach. b. the frustration of purpose doctrine applies to discharge the contract. c. Sid is discharged from his duties under the contract because Ned's prevention of Sid's performance constitutes a material breach. d. Both Sid and Ned are discharged from their duties because of impossibility of performance.
Q:
The definition of "discharge by breach" is: a. performance that is incomplete but that does not defeat the purpose of the contract but entitles the injured party to damages. b. wrongful failure to perform the terms of a contract that gives rise to a right to damages by the injured party. c. a breach that prevents performance by either party. d. None of these.
Q:
Paul promises Marty $1,500 if he will completely landscape Paul's yard. Which of the following would discharge Paul's obligations to pay under this contract? a. Marty leaves a one-foot strip of land barren. b. Marty doesn't begin work on the landscaping until after he finishes two other jobs. c. Marty doesn't plant any flowers or grass. d. Paul isn't satisfied with Marty's design.
Q:
Steven owes Theresa $100 for a used computer which he bought last year at Theresa's garage sale. The two agree that the debt can be paid by Steven's shoveling Theresa's driveway from January through March. The new contract is a(n): a. accord. b. satisfaction. c. novation. d. rescission.
Q:
Unless one of the parties contractually assumes the risk, the __________ discharges a contract if supervening circumstances make fulfillment of the purpose which both parties had in mind impossible. a. bankruptcy law b. frustration of purpose doctrine c. perfect tender rule d. impossibility of performance doctrine
Q:
A and B enter into a contract on January 1 of this year. A's friend C tells A, "The law generally restricts the time within which an action can be brought by either party to a contract." C's statement is: a. false. b. true because of statutes of limitations. c. true because of the law of repudiation. d. true because of covenants not to sue.
Q:
An implied-in-law condition and constructive condition are the same. a. True b. False
Q:
The Code and the Restatement have no provisions for discharge of contractual duties in cases involving commercial impracticability. a. True b. False
Q:
If the buyer inspects the goods before entering into the contract, then implied warranties: a. still apply to any defects. b. will in no circumstances be applicable. c. do not apply to defects that are apparent upon reasonable inspection. d. None of these.
Q:
Matt tells Ron that the snow boots he is selling are capable of protection at temperatures of 20° below zero. Ron orders a pair for his trip to Greenland. Upon delivery the box states "will protect your feet in temperatures down to 30° below zero." The first night's temperature goes down to 27 below. Ron suffers frostbite on all of his toes. Ron then sues for breach of warranty. What is the result? a. Breach, because the latter express warranty is valid. b. No breach because Matt's statement was merely opinion. c. No breach because Matt said 20° below zero. d. No breach because Matt is allowed to be wrong.
Q:
An obligation of the merchant-seller that the goods are reasonably fit for general purposes for which they are manufactured and sold, and the goods are of fair average quality is known as: a. a warranty of merchantability. b. strict liability. c. an express warranty. d. a warranty of fitness for a particular purpose.
Q:
An express warranty within the meaning of the Code is created by which of the following? a. A sample. b. A description. c. A promise. d. All of these.
Q:
Terrell asks a salesperson what size of water heater he should buy for a twenty-unit motel. If Terrell purchases a tank based on the salesperson's suggestion, the salesperson's recommendation is: a. an express warranty of merchantability regarding the water heater. b. an implied warranty of merchantability regarding the water heater. c. an implied warranty of fitness for a particular purpose. d. no warranty, but only a statement of opinion.
Q:
The main provision of the Restatement (Third) of Torts, Section 2, recognizes three types of product defects: manufacturing defects, design defects, and failure to warn, but it imposes strict liability only for manufacturing defects. a. True b. False
Q:
Under the CISG, if at the time of entering into the sales contract, the buyer knew or could not have been unaware of the lack of conformity, the seller is not liable for the warranty of particular purpose, ordinary purpose, or sale by sample or model. a. True b. False
Q:
The Heinrich v. Titus-Will Sales, Inc. case stands for the principle that: a. the UCC requires proper state licensing for a company claiming to be a merchant to actually have merchant status. b. a buyer in the ordinary course of business acquires good title when buying from a merchant seller who was entrusted with possession of the goods. c. risk of loss depends on who has title to the goods at the time the goods are damaged or destroyed. d. a void title is no title.
Q:
If the goods that are the subject of a sale are in the possession of a bailee and are to be delivered without being moved, when does the risk of loss pass to the buyer? a. At such time as the contract of sale was entered. b. At such time as the buyer receives the negotiable document of title. c. When the seller tenders a nonnegotiable document of title to the bailee. d. When the bailee is orally notified of the sale.
Q:
Mary orders a dress for $1,000. The designer sends the wrong size. Mary doesn't inspect the dress on arrival and therefore doesn't discover the nonconformity until the day before she is to wear it to her first board meeting as president of Tri-State Engineering. She calls the designer and sends the dress back, but it is lost in the mail. Mary's insurance would cover $400 of the loss. The designer's insurance would cover $900. Who is liable? a. Mary will bear the whole loss because she accepted the goods. b. The designer will bear the whole loss because Mary returned the nonconforming goods. c. Mary will owe $100, the designer $900. d. The risk is Mary's to the extent of $400.
Q:
In Robinson v. Durham, the court found: a. the Robinsons were good faith purchasers for value when they bought the car for their business, and they had good title which they passed to Durham. b. the Robinsons had a voidable title, and they passed good title to Durham, who was a good faith purchaser for value. c. there was a breach of warranty of title between the Robinsons and Durham. d. the Robinsons obtained no title from the thief, but they passed good title to Durham since he was a good faith purchaser for value.
Q:
Alex sees Mona's ring, and he thinks it is very valuable. He uses physical duress to cause her to give him the ring, and he quickly sells it to unsuspecting Hanna's Antique Jewelry Shop for $5,000. A month later, Mona discovers her ring on sale at Hanna's. Can Mona get the ring back? a. Yes, since a true owner can always recover her own property. b. Yes, since Alex had voidable title to the ring. c. Yes, since Alex had void title to the ring. d. No, since Hanna was a good faith purchaser for value.