LSB 3213 Exam 4 Already Rated A+ - A condition precedent must be fulfilled before a party's performance is required. ️True - A party usually fulfills its obligations under a contract through novation. ️False - Complete performance occurs when all conditions in a contract are ️fully satisfied....
- A condition precedent must be fulfilled before a party's performance is required. ✔️True
- A party usually fulfills its obligations under a contract through novation. ✔️False
- Complete performance occurs when all conditions in a contract are ✔️fully satisfied.
- Performance that allows a party to receive most of the benefits from a contract, despite some
deviations from the terms, is called ✔️substantial performance.
- An intentional deviation from a contract hinders substantial performance. ✔️False
- Anything less than complete performance is considered a material breach of contract. ✔️False
- Any breach permits the nonbreaching party to cancel the contract. ✔️False
- After a contract is established, a supervening event may render performance ✔️impossible and
discharge the contract.
- City Restoration Corporation has substantially performed its contract with Downtown Apartments, Inc.
Consequently, Downtown is entitled to ✔️damages.
- Building Restoration, Inc. (BRI) has a contract to refurbish an old train depot for Casual Dining, Inc. If
BRI completes most of the agreed-upon work, this will be viewed as ✔️substantial performance.
- Super Toolmakers, Inc. agrees to sell its business to True Hardware Corporation. Before either party
performs, rescission of this contract needs ✔️a mutual agreement to rescind.
, - Mona and Nero wish to release their contract by making and executing a new agreement, which they
can best achieve through ✔️accord and satisfaction.
- Assigning the same contract right to two different parties results in their "splitting the difference."
✔️False
- Musical Production Company contracts with Nora to write six songs with payment from Musical. If
Nora assigns her right to payment to Omni Entertainment Agency, she is ✔️an assignor.
- An incidental beneficiary does not have the right to enforce a promise made by a promisor. ✔️True
- Reba and Sly enter a contract where Reba agrees to deliver printed marketing brochures to Sly. If Reba
later assigns her duty to Troy, she is ✔️a delegator and an obligator.
- Betty assigns her right to receive payment from a loan to Cody. In this case, Cody is ✔️a creditor
beneficiary.
- Expenses that arise directly from a breach of contract—such as those incurred to obtain substitute
performance—are known as ✔️incidental damages.
- The measure of damages for a breach of contract involving a sale of land depends on which party
breached and when. ✔️False
- Liquidated damage clauses typically stipulate that a breaching party must pay a specified amount to
the nonbreaching party. ✔️True
- Handy Hardware Store hires Ilsa for a year at a salary of $500 per week. If Handy cancels the contract,
and Ilsa spends $100 to secure a similar job paying $450 per week for a year, she is entitled to recover
✔️the difference in wages between the two jobs plus $100.
- Lava Excavators, Inc. orders a $3,000 drill from Mining Supplies Company, stating that it must arrive by
Tuesday or it will incur a loss of $10,000. If Mining ships the drill late, Lava can recover ✔️$10,000.
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