Question 1

requires completion of nearly all the terms of the contract plus an honest effort to complete the rest of the terms, coupled with no willful departure from any of the terms.
A) Complete performance
B) Substantial performance
C) A material breach
D) The perfect tender rule

Accepted Answer

Substantial performance requires completion of almost all terms of the contract with an honest effort to complete the rest. A material breach is a failure to perform a significant term of the contract, while the perfect tender rule applies to contracts for the sale of goods and requires the seller to provide goods that meet the precise terms of the contract. Complete performance means all terms have been fulfilled exactly as specified.

Question 2

Which of the following occurs during a novation?
A) All parties agree to substitute new parties for the original parties to the agreement.
B) One of the parties to the contract names a third party as the beneficiary.
C) One of the parties to the contract assigns his contract rights to a third party without obtaining the other parties' consent.
D) All parties agree to lower the contract price.

Accepted Answer

Novation is a process during which all parties involved in a contract agree to substitute one or more of the original parties to the agreement with new parties. This means that the original parties to the contract are replaced by new parties who are responsible for fulfilling the obligations and receiving the benefits of the contract. Therefore, option A is the correct answer. Option B is incorrect because it describes the process of naming a third party as a beneficiary, which is not related to novation. Option C is incorrect because it describes the assignment of contract rights, which also does not involve a novation. Option D is incorrect because it describes a change in the contract price, which may occur in some contracts, but it does not necessarily involve a novation.

Question 3

Which of the following is a form of discharge by mutual agreement?
A) condition subsequent
B) novation
C) condition precedent
D) impossibility of performance

Accepted Answer

Novation is a form of discharge by mutual agreement where both parties agree to substitute the original contract with a new one. It requires a new party to take over the obligations of one of the original parties. Condition subsequent and condition precedent are types of contract conditions that do not involve mutual agreement to discharge the contract. Impossibility of performance occurs when the contract becomes impossible to perform due to unforeseen circumstances, and is not necessarily a form of discharge by mutual agreement.

Question 4

is a type of discharge of contract in which new parties are substituted for the original parties to the agreement.
A) Impossibility of performance
B) Accord and satisfaction
C) Novation
D) Condition subsequent

Accepted Answer

Novation is a type of discharge of contract in which new parties are substituted for the original parties to the agreement. This typically occurs when there is a change in the ownership or structure of one or both of the original parties, or when one of the original parties is unable to fulfill their obligations under the agreement. The novation agreement effectively releases the original parties from their duties and responsibilities under the original contract, and replaces them with new parties who agree to assume those duties and responsibilities.

Question 5

Which of the following statements is true about a material breach?
A) If a breach of contract is material, the injured party is entitled only to the cost of replacement.
B) Even a minor deviation from the terms of the contract is considered a material breach of contract.
C) Courts generally allow a party to cure a material breach even if the contract's time period has lapsed.
D) The injured party can terminate the contract if the breach of contract is material.

Accepted Answer

A material breach is a significant or substantial violation of a contract that goes to the heart of the agreement. In such a case, the injured party has the right to terminate the contract and seek damages for any losses incurred as a result of the breach.

Question 6

A is a particular event that must take place to give rise to a duty of performance of a contract.
A) condition precedent
B) condition subsequent
C) substituted agreement
D) compromise agreement

Accepted Answer

A condition precedent is a condition that must be fulfilled before a duty to perform a contract arises. In other words, it is an event that must take place before a party is legally required to perform its obligations under the contract.

Question 7

Which of the following would be the legal result if the event contemplated by a condition precedent failed to take place?
A) The contract may be discharged.
B) The contract is declared void.
C) The party will be given time to cure.
D) The contract will be binding on all the parties.

Accepted Answer

If the event contemplated by a condition precedent fails to take place, the contract may be discharged as the condition has not been met. The contract may become void if the failure of the condition renders the contract impossible to perform. The party may be given time to cure only if the contract allows for it. The contract will not be binding on all the parties if the condition precedent is not fulfilled.

Question 8

Which of the following statements is true if substantial performance is proved?
A) The plaintiff must pay the defendant as agreed to in the contract.
B) The plaintiff cannot refuse to pay the defendant.
C) The plaintiff is entitled to recover the original price that had been agreed upon before the defendant performed.
D) The plaintiff is entitled to recover the new price found by taking the median between the plaintiff's demand for recovery and the defendant's claim of the amount of recovery.

Accepted Answer

The plaintiff cannot refuse to pay the defendant if substantial performance is proved.

Question 9

Which of the following is an example of a condition precedent?
A) Bill should pay Mabel $50 to purchase 10 apple pies.
B) Bill should pay Mabel $50 even if the apple pies were damaged while they were being transported.
C) Mabel should deliver 10 apple pies to Bill only if she receives three crates of apples that day.
D) Mabel should deliver 10 apple pies to Bill, which can be rejected by him if they are damaged.

Accepted Answer

A condition precedent refers to a condition that must be fulfilled before a contractual obligation to perform arises. In this case, Mabel's obligation to deliver 10 apple pies to Bill only arises if she receives three crates of apples that day. Therefore, option C is an example of a condition precedent. Option A is simply a payment term, option B is an example of an exculpatory clause, and option D is a condition subsequent as Bill can reject the pies if they are damaged after delivery.

Question 10

Martha and Jim enter into an agreement whereby Jim agrees to paint Martha's car. The contract states that the car is to be painted green. Martha changes her mind and wants the car to be painted blue instead. Jim agrees to paint the car blue. This type of discharge of contract is described as .
A) accord and satisfaction
B) novation
C) condition precedent
D) condition subsequent

Accepted Answer

Accord and satisfaction occurs when the parties agree to change the terms of the contract, such as changing the color from green to blue, and the new agreement is fulfilled.

Question 11

Which of the following was the standard used by the traditional common law to determine whether a contract has been breached?
A) substantial performance
B) perfect tender rule
C) complete performance
D) partial rule

Accepted Answer

The traditional common law standard for determining whether a contract has been breached is "complete performance," meaning the contract must be fully performed as agreed.

Question 12

A is a particular event that, when it follows the execution of a contract, terminates the contract.
A) delegation
B) novation
C) condition precedent
D) condition subsequent

Accepted Answer

Condition subsequent is a particular event that, when it occurs, terminates the contract. It is different from a condition precedent in that it refers to an event occurring after the creation of the contract, while a condition precedent refers to an event that must occur before a party is obligated to perform under the contract. Delegation and novation do not necessarily terminate a contract.

Question 13

Bill enters into a contract with Simon to rework the flooring in Simon's house. Bill later realizes that he will be unable to fulfill the terms of the contract and communicates this to Simon. Both parties agree that George will rework the floor instead of Bill as stated in the original contract. This type of discharge of contract is described as .
A) accord and satisfaction
B) novation
C) substituted agreement
D) compromise agreement

Accepted Answer

Novation occurs when both parties agree to substitute a new contract for the original one, and this new agreement is a complete and final discharge of the old agreement. In this case, both parties have agreed that George will rework the floor instead of Bill as originally agreed, satisfying the terms of the original contract through novation.

Question 14

is a situation in which a party cannot legally or physically perform the contract.
A) Impossibility of performance
B) Condition precedent
C) Condition subsequent
D) Novation

Accepted Answer

Impossibility of performance refers to a situation where it is not possible for a party to fulfill their obligations under the contract due to events outside of their control, such as a natural disaster or new legislation. This makes the contract impossible to perform, and both parties are released from their obligations.

Question 15

is a form of discharge by mutual agreement.
A) Rescission
B) Arbitration
C) Accord and satisfaction
D) Separation of powers

Accepted Answer

Accord and satisfaction is a form of discharge by mutual agreement where parties come to a new agreement that replaces the original obligation. This type of agreement is often used in contract disputes where the parties negotiate a compromise to settle the matter instead of going to court.

Question 16

is a mutual agreement to rescind an original agreement and substitute a new one for it.
A) Substituted agreement
B) Condition precedent
C) Accord and satisfaction
D) Novation

Accepted Answer

The answer of is a mutual agreement to rescind an...

Question 17

Mark and Roger entered into a contract in which Mark agreed to sell Roger a very rare painting. The contract required Mark to deliver the painting to Roger and receive payment if the appointed art expert verifies that the painting is authentic. The art expert considers the painting to be a fake. Which of the following should be cited by Roger to discharge the contract and refuse payment?
A) commercial impracticability
B) impossibility of performance
C) condition precedent
D) condition subsequent

Accepted Answer

A condition precedent is an event that must occur before a party is obligated to perform a contractual duty. In this case, the verification of the painting's authenticity by the art expert is a condition precedent to Roger's obligation to pay. Since the expert deemed the painting a fake, the condition precedent was not met, discharging Roger's duty to pay.

Question 18

Which of the following statements is true of novation?
A) Novation is a type of discharge of contract in which the original agreement is substituted with a new one.
B) Novation leads to a change in the contractual duties of the new party.
C) Novation can be carried out only if all the original parties agree to the substitution of new parties.
D) Novation refers to a particular future event that terminates the contract if it does not follow the execution of the contract.

Accepted Answer

The answer of Which of the following statements is true...

Question 19

Which of the following is permitted by courts today in the event of a material breach of contract?
A) obtaining specific performance if dollar damages are practicable as compensation
B) reforming the contract to help view the breach as a minor breach of contract
C) curing the material breach if the contract's time period has not lapsed
D) seeking an exception to the parol evidence rule

Accepted Answer

Courts may allow the breaching party to cure a material breach if the contract's time period has not lapsed, giving them an opportunity to fulfill their obligations.

Question 20

Which of the following statements is true about contracts on the sale of goods?
A) The substantial performance doctrine is applied to the international sale of goods.
B) The buyer must generally give notice to the seller of any defect in the goods and then allow the seller a reasonable time to cure the defect.
C) If the goods or tender of delivery fail to conform to the contract in any respect, the buyer cannot accept or reject any number of units he chooses to.
D) According to the United Nations Convention on the International Sale of Goods (CISG), the failure to deliver goods is sufficient to show an exception to the perfect tender rule.

Accepted Answer

The statement that is true about contracts on the sale of goods is that the buyer must generally give notice to the seller of any defect in the goods and then allow the seller a reasonable time to cure the defect. This is known as the right to cure. The substantial performance doctrine is applied to the domestic sale of goods, not the international sale of goods. If the goods or tender of delivery fail to conform to the contract in any respect, the buyer can accept some units and reject others. Finally, according to the United Nations Convention on the International Sale of Goods (CISG), the failure to deliver goods is not sufficient to show an exception to the perfect tender rule.

Quiz 10: The Law of Contracts and Sales Ii

requires completion of nearly all the terms of the contract plus an honest effort to complete the rest of the terms, coupled with no willful departure from any of the terms.

Which of the following occurs during a novation?

Which of the following is a form of discharge by mutual agreement?

is a type of discharge of contract in which new parties are substituted for the original parties to the agreement.

Which of the following statements is true about a material breach?

A is a particular event that must take place to give rise to a duty of performance of a contract.

Which of the following would be the legal result if the event contemplated by a condition precedent failed to take place?

Which of the following statements is true if substantial performance is proved?

Which of the following is an example of a condition precedent?

Martha and Jim enter into an agreement whereby Jim agrees to paint Martha's car. The contract states that the car is to be painted green. Martha changes her mind and wants the car to be painted blue instead. Jim agrees to paint the car blue. This type of discharge of contract is described as .

Which of the following was the standard used by the traditional common law to determine whether a contract has been breached?

A is a particular event that, when it follows the execution of a contract, terminates the contract.

is a situation in which a party cannot legally or physically perform the contract.

is a form of discharge by mutual agreement.

is a mutual agreement to rescind an original agreement and substitute a new one for it.

Which of the following statements is true of novation?

Which of the following is permitted by courts today in the event of a material breach of contract?

Which of the following statements is true about contracts on the sale of goods?