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Business Law Principles and Practices

Business

Quiz 14 :

The Termination of Contracts: Breach of Contract

Quiz 14 :

The Termination of Contracts: Breach of Contract

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Money damages are intended to place the injured party in the same position he or she would have been in if the contract had been carried out.
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True False
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True

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If a contract is rescinded, the parties may keep the consideration received.
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True False
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False

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For fraud to exist, a false statement must be made or a material fact concealed.
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True False
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True

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Specific performance is an equitable remedy.
True False
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Duress and undue influence have the same meaning.
True False
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A minor breach of contract discharges the contract.
True False
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Mistakes about a contract may be either unilateral or mutual.
True False
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A material breach of contract discharges the contract.
True False
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Damages awarded for an actual loss or injury are called liquidated damages.
True False
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Contracts are usually breached after the date set for performance.
True False
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Mitigation of damages is intended to ensure that the damages awarded are not
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In assessing damages for an actual loss, a court will usually grant a plaintiff
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Money damages awarded for a breach of contract are an example of a legal remedy.
True False
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Money damages are the usual remedy for a breach of contract.
True False
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Defenses are the reasons offered by a defendant that release her or him from liability or responsibility.
True False
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Failure to perform one's duty under a contract is
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As soon as a breach occurs, the victim has a duty to
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Specific performance may be granted when money damages do not fairly compensate for a loss.
True False
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Pilati signed a contract to work as a consulting engineer for the Radtech Company beginning January 1. When Pilati reported to work on January 1, he was told that the position of consulting engineer had been abolished but that he could have a job in the marketing department. He refused. His contract with the company is discharged because of a(n)
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Rescission of a contract is generally a voluntary act by the parties.
True False
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