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ENGR 413 Chapters 7-12 Exam Questions With Correct Answers
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ENGR 413 Chapters 7-12 Exam Questions With Correct Answers When does a breach of contract occur? - answerWhen one of the parties fails to meet its obligations under the contract. What is the most common remedy for breach of contract? - answerDamages Who intercedes when parties are unable to co...

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  • October 16, 2024
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  • 2024/2025
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©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



ENGR 413 Chapters 7-12 Exam Questions
With Correct Answers


When does a breach of contract occur? - answer✔When one of the parties fails to meet its

obligations under the contract.


What is the most common remedy for breach of contract? - answer✔Damages


Who intercedes when parties are unable to come to an agreement? - answer✔Arbitrator


What happens when parties disagree over a contract? - answer✔the party who is later determined

to have been wrong will be liable if they breached the contract based on their wrong

understanding of it


Owners often ask contractors to provide this to address AFL breaches - answer✔Performance

Bond


Why may a party intentionally breach a contract? - answer✔Anticipated financial losses: the

consequences for doing so will be less severe than for completing it


Define Damages - answer✔Compensation


Define Specific Performance - answer✔a court order requiring completion of the contract

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Define Injunction - answer✔a court order requiring a named party not do something


Define Declaratory Order - answer✔statement by the court of the rights and obligations of the

parties


How are damages calculated? - answer✔Damages are calculated as the compensation required to

put the innocent party in the financial position, they would have been in but for the breach of

contract.


Define Mitigation - answer✔the innocent party must take reasonable steps to minimize the loss

suffered


Define Causation - answer✔the innocent party can only recover losses that were caused by the

breach of contract


Define Remoteness - answer✔only damages that are reasonably proximate to the breach can be

recovered


Define Consequential Damages - answer✔cover indirect losses, such as business interruption

losses


Define Liquidated Damages - answer✔compensation agreed to by the parties at the time of

contract formation


What are some key aspects of liquidated damages? - answer✔Must be a genuine pre-estimate of

damages and if excessive will likely be unenforceable

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Define Bonus Clause - answer✔additional payment for performance that exceeds minimum

requirements


What is Diminution of Value? - answer✔where the cost of rectification will be excessive

compared to the benefit rectification will bring


What is an example of Diminution of Value? - answer✔A car after a collision is worth less than

before the accident.


What is a fundamental breach of contract? - answer✔It deprives the innocent party of all or

substantially all of the benefit of the contract


What are options for the innocent party in a breach of contract? - answer✔Continue contract and

sue or terminate contract and sue


What is a simple breach of contract? - answer✔Less significant than a fundamental breach. Does

not entitle the innocent party to put an end to the contract. Does entitle the innocent party to sue

for damages


What happens when the innocent party terminates a contract over a simple breach? - answer✔If

the innocent party terminates the contract because of a simple breach, that will be a fundamental

breach by the "innocent" party


Define Repudiation - answer✔When one party, by words or actions, makes it known that it does

not intend to perform its fundamental obligations under the contract

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