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Question
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.Answer
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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.
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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
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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.
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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.
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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.
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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.
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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.