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Business Law
Q:
A party that has materially breached a contract can sue the other party for performance.
Q:
In the context of levels of performance, substantial performance is lesser than significant performance.
Q:
Faiza hired Bril Builders Inc. to construct her house. They signed a contract that stated Bril Builders would complete the work in 10 months, and Faiza would pay them in full. If Bril Builders completes the work but misses the date, Faiza has the right to deny the company any payment.
Q:
An employment contract is an example of a contract that is divisible.
Q:
When the parties to a contract fail to provide the required order of performance, the law states the buyers payment is a condition that must be satisfied after the seller has performed his or her duty to deliver.
Q:
The Uniform Commercial Code states that if the goods are damaged in transit, the liability rests on the seller, not the buyer.
Q:
If the contracting parties fail to write clear instructions on delivery of the equipment, the Uniform Commercial Code controls.
Q:
Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction.
Q:
Paying for the items purchased at a store and the store delivering the purchased items simultaneously is an example of implied concurrent conditions of performance.
Q:
It is illegal for the parties to printed form contracts to type or handwrite additional terms.
Q:
If printed form contracts have additional typed terms that contradict the printed terms, courts interpret printed terms to control typed terms.
Q:
The parol evidence rule applies to oral modifications made after the contracting parties have made the written contract.
Q:
Oral evidence that changes the meaning of written terms can be given if necessary to prevent fraud.
Q:
A party to a contract is discharged when that party is relieved from all further responsibility of performance.
Q:
If something must take place in the future, before a party to a contract has a duty to perform, it is a condition subsequent.
Q:
A contracting party has no duty to perform prior to a condition precedent being satisfied.
Q:
Briefly explain how rescission is used as an equitable relief for nonbreaching parties.
Q:
Briefly explain compensatory damages awarded by a court to a nonbreaching party to a contract.
Q:
What are consequential damages? When are they awarded by courts to nonbreaching parties?
Q:
How is specific performance used as an equitable remedy for a nonbreaching party to a contract?
Q:
What is an injunction?
Q:
The meaning of a contract is a question of law, which means that a judge makes the final determination.
Q:
What are the options available to nonbreaching parties to a contract when money damages are not satisfactory as a remedy?
Q:
What are liquidated damages? When will courts not enforce liquidated damages?
Q:
When does a party breach a contract?
Q:
Briefly discuss mitigation with an example.
Q:
What is the theory behind awarding money damages as a remedy to nonbreaching parties to a contract?
Q:
What are the various ways in which compensatory damages are calculated?
Q:
On April 1, Brian passes a gun store and sees an automatic rifle in the window on sale. Thinking that it would be perfect for hunting squirrels, he asks about the gun and the store owner says that he has a crate of them. Brian gives the owner an advance of $100 to hold one for him til payday. On April 4, the state legislature passes a statute banning private ownership of automatic weapons. When Brian goes into the store on April 5, is he entitled to purchase the weapon? Briefly state the reason for the answer.
Q:
Name a few remedies available for breach of contract.
Q:
Briefly discuss substantial performance.
Q:
Briefly explain divisibility of performance.
Q:
Briefly explain impossibility of performance.
Q:
Briefly explain commercial impracticability with an example.
Q:
Briefly explain the concepts of waiver and release.
Q:
Distinguish between conditions precedent and conditions subsequent.
Q:
What is a condition subsequent? Briefly explain with examples.
Q:
What is delivery? When must a buyers payment be satisfied before the seller has the duty to deliver?
Q:
What does tender of performance mean? Briefly explain with an example.
Q:
Briefly discuss concurrent condition of performance with an example.
Q:
What is the parol evidence rule?
Q:
Rosa signs a health club membership contract based on a salespersons statements that the contract can be cancelled at any time. Later, when Rosa applies for a cancellation of the membership, she is informed that the contract cannot be cancelled. Briefly discuss whether Rosa can give oral evidence in the court for a written contract in this case.
Q:
Provide an example that explains the application of the parol evidence rule. What are UCC gap-filling provisions? Give an example and explain how and why they are applied.
Q:
What is duty of performance? When is a party to a contract discharged?
Q:
What is a condition precedent? Briefly explain with examples.
Q:
Manuel and Janice enter into an oral contract which states that Janice will sell her house to Manuel. Manuel makes a partial payment to Janice as per the contract. When Janice vacates the house, Manuel hires a contractor to build a fence around the backyard to ensure security. However, Janice revokes her offer saying that a third party is paying a higher price for the house, and her offer to Manuel was not in written form. Manuel, who has spent $5,000 on the fencing, decides to sue Janice. Analyze the case.
Q:
How are sales of interests in land covered by the statute of frauds?
Q:
Mark enters into an oral contract to sell Clara his music collection for $10,000. Later, Mark sues Clara for not making the payment of $10,000. Clara refuses to pay the amount and instead claims to the court that the music collection was hers all along and that Mark is lying. In this case, what can aid Mark in getting his payment of $10,000?
Q:
Ivan places an oral order for 30 computers with a local manufacturer. He specifies the unique combination of hardware and software that is to be part of the computers. He also informs the manufacturer that he will not require such computers again in the future. The manufacturer informs Ivan that the total cost of these unique computers would amount to $66,000 and begins production of the computers. Analyze whether this oral contract is enforceable in a court of law.
Q:
What is a collateral promise?
Q:
Anita contracts ValleyHeat Landscaping Corp. to landscape her hotel. Midway through the project, ValleyHeat informs Anita that due to internal issues the company is shutting down. To avoid this from delaying the opening of her hotel and causing her loss in hotel revenue, she contracts another landscaping company to finish the project on time. This scenario is an example of ______.
A. mitigation
B. release of performance
C. liquidation
D. restitution
E. mediation
Q:
What is fraud and what are the specific elements required to establish fraud?
Q:
Discuss how undue influence creates voidable contracts.
Q:
What are the remedies available to parties in the event of a mistake?
Q:
Pomona hires Tom to renovate her farm house and repair some minor damages for $1,000. Tom informs her that it will take him at least six months to complete the work. Discuss whether the parties in question have to enter into a written agreement for such a contract to be enforceable.
Q:
Kaylie and Kumar visit Scarlet Jewels to buy a diamond engagement ring. The jeweler presents them a zircon ring and intentionally calls it a diamond ring. Kaylie loves the ring, so Kumar buys it. Kaylie and Kumar later discover that the ring is a zircon ring. Analyze on what grounds Kumar can sue the jeweler.
Q:
How is prior consideration viewed when legally enforcing a contract?
Q:
Cecilia and Ellen meet with an accident as a result of Ellens speeding. Cecilia suffers injuries and cannot remember what caused the accident due to aftershock and trauma. Ellen, who suffers injuries herself, takes advantage of the situation and convinces Cecilia that the accident was no ones fault. They sign a contract agreeing that neither will sue the other for damages. Analyze the case if the contract is challenged in court.
Q:
What is a covenant not to compete and under what conditions is it valid?
Q:
What is the capacity of an intoxicated and a mentally incompetent person in a contract?
Q:
Wright Corp., a footwear manufacturer, sends an offer by fax to Dilsur Retailers Inc. to sell 100,000 pairs of shoes at $150 each and mentions that it will hold the offer open for Dilsur for two months. Four months after receiving Wrights offer, Dilsur faxes an acceptance. However, by this time, Wright has already entered a contract with another retailer. Discuss the situation.
Q:
Mateo applies for a loan of $80,000 to purchase land from Chad. Chad makes an oral promise to Mateo that he will allow Mateo a period of two months to accept his offer. Chad refuses to give this promise in writing. Discuss how Mateo can ensure that the owner does not sell the land to another buyer in two months.
Q:
Explain the doctrine of promissory estoppel.
Q:
Steve, who is 17 years old, intentionally misrepresents his age while buying a television set from Rainbow Electronics Inc. His father discovers this and forces Steve to return the television set and get the money back. Steve visits Rainbow Electronics and disaffirms the contract to buy the television set. Analyze the case.
Q:
Zainab wants to sell her house to Tiffany for $300,000. Tiffany responds stating that she will be glad to buy the house at $300,000 and asks if the price includes the furniture. Zainab says that the furniture is not included. Tiffany agrees to pay $300,000, but Zainab demands $350,000, stating that Tiffanys counteroffer terminates the earlier offer. Discuss the case.
Q:
What is the mirror image rule?
Q:
Explain the mailbox rule.
Q:
Jamael is a chef who has opened a new restaurant. He agrees with Bob, a baker, that Bob will deliver 10 dozen hamburger and hotdog buns each morning at 6:00 a.m. as long as Jamael doesnt call to cancel the next mornings delivery by 6:00 p.m. the previous evening. This delivery routine continues for about ten days when Jamael realizes at 10:00 p.m. one evening that he has a surplus of buns. At 6:00 a.m. the next morning, he refuses to accept the morning delivery. Discuss, with reference to common law, whether a contract exists.
Q:
Prestige Contractors has agreed to build Yens house for $25,000 in two years. However, six months after the work begins, Prestige Contractors demands an additional $5,000 from Yen to complete the work. Yen agrees, but when the work is completed, Yen pays Prestige Contractors only $20,000. Prestige decides to sue Yen. Analyze the case.
Q:
List the five elements required to form a valid contract.
Q:
Inkirios Inc. offers Kevin the position of vice president at their head office in Washington, D.C. Inkirios also offers to provide Kevin and his family a house and an annual salary of $100,000. Kevin responds by stating that he would accept the offer if the company would pay him an annual salary of $150,000 and other relocation expenses. Analyze the agreements between the parties.
Q:
Odelia offers in writing to sell her ranch to Erik for $150,000. A week later, when Erik is about to mail his acceptance, Odelia dies in a motor vehicle accident. Odelias heir informs Erik that she is no longer interested in selling the ranch. Erik decides to move to court, stating that the offer cannot be revoked since he had already accepted the offer and was about to mail his acceptance. Analyze the case and discuss what the court is likely to rule.
Q:
Allan promises to pay William $400 if he can steal the next days test paper from their professor. That night, William steals the test paper and brings it to Allan. Allan, who is now worried about getting caught, tells William he does not want the test paper and refuses to pay him the $400. Has Allan breached the contract between him and William?
Q:
Sam goes to a supermarket and fills his cart with food items, thereby pushing it up to a checkout line. Discuss the type of contract Sam and the supermarket have.
Q:
Harry regularly shipped 100 cartons of electronic goods to Keith on the 15th of every month as per the original agreement. He had been continuing this shipment routine for over a year. On the 20th day of one of the months, Keith refused the goods as he did not want Harry to ship those goods to him and had never accepted any such offer of goods. Harry had not received any prior notification to cancel the shipment of goods. Which of the following statements is true of this situation?
A. Keith can sue Harry based on the doctrine of promissory estoppel.
B. Keiths prior act of dealing and conduct with Harry confirms acceptance of the offer.
C. Harry used duress in controlling the terms of the offer.
D. Keith can sue Harry based on the misstatement of the facts of the offer.
E. Harry should have ensured only partial delivery of goods as he received no oral confirmation from Keith about the shipment of goods.
Q:
In the context of legal capacity of parties to a contract, who among the following are also called infants in a contract?
A. intoxicated persons
B. physically impaired persons
C. mentally impaired persons
D. minors
E. non-merchants
Q:
Which of the following statements is true about the laws under the Uniform Commercial Code (UCC)?
A. The laws of the UCC exclude individuals but include firms and charitable trusts in their scope.
B. The laws of the UCC permit sales of goods to have open nonquantity terms to be decided at a future time.
C. Section 2-207 of the UCC applies the mirror image rule for contracts involving the sale of goods.
D. The laws of the UCC allow the rules of consideration to apply to firm offers.
E. The statute of frauds under the UCC covers the sale of goods of $400 or less.
Q:
Which of the following is an exception to the statute-of-frauds requirement that sale-of-goods contracts be in writing?
A. a contract involving goods that are worth at least $500
B. a contract involving the sale of land
C. a contract for goods for which payment has been made
D. a contract for a service that lasts for 5 years
E. a collateral promise to pay anothers debt
Q:
Which of the following types of contracts are beyond the scope of application of the statute of frauds?
A. contracts for sale of goods worth $500 or more
B. contracts for mortgages, mining rights, and easements
C. oral contracts for services that last more than 20 months
D. collateral contracts to pay the debt of another person
E. contracts involving interest in land
Q:
Fiola hires Tring Painters to paint her living room. She selects deluxe paints that will cost her $200. When the painters begin their work, Fiola notices that they are mistakenly using washable finesse paints, which will cost her $500. When the work is done, Fiola refuses to pay Tring Painters the $500 saying she wanted paints that would cost $200. Analyze the rights of the parties in this case.