Anticipatory breach - Study guides, Revision notes & Summaries

OMGT Final Exam QUESTIONS AND ANSWERS / GRADED A /2023/2024 / ALL ANSWERS CORRECT Mega Co. contracts with Service Co. to manufacture 100 custom service trucks, to be delivered in ten months. One month after making the contract, Mega Co. learns that its supplies will cost double what it expected. Thus, Mega Co. will lose $800,000 if it performs the contract with Service Co. Mega Co. advises Service Co. that it will not perform under the contract. This is called ______. - CORRECT ANSWER ...

what is anticipatory repudiation? - Doctrine under which, when one party makes clear that party has no intention to perform as agreed, nonbreaching party is entitled to recover damages in anticipation of breach rather than waiting until performance is due. what are the five consent defects? - 1. Misrepresentation 2. Fraud 3. Duress 4. Undue influence 5. Unconscionability how did the Virginia state supreme court rule in Lucy v. Zehmer (1954)? - The court held that evidence from the trial...

false - Answer- the golden rule holds that you "you unto other before they do unto you." false - Answer- administrative agencies do not make their own laws, they enforce laws made by congress. false - Answer- state court systems are interrelated and dependent upon one another false - Answer- a juvenile, if arrested before reaching 18, will be tired in a juvenile court even if he or she turns 18 before the case comes to trial. true - Answer- the juvenile court court system is design...

Business Law FINAL EXAM Study Guide 2024/2025 | Fall & Spring Semesters What are the essential elements of a valid contract? Offer, acceptance, consideration, legality, and capacity. stare decisis Doctrine that requires lower courts to adhere to existing case law in making decisions When does the "mirror image rule" apply in contract law? It applies when the terms of the acceptance must exactly match the terms of the offer for a valid contract to be formed. What is the legal ...

OMGT Final Exam QUESTIONS AND ANSWERS / GRADED A /2023/2024 / ALL ANSWERS CORRECT Mega Co. contracts with Service Co. to manufacture 100 custom service trucks, to be delivered in ten months. One month after making the contract, Mega Co. learns that its supplies will cost double what it expected. Thus, Mega Co. will lose $800,000 if it performs the contract with Service Co. Mega Co. advises Service Co. that it will not perform under the contract. This is called ______. - CORRECT ANSWER A...

Contract a promise or set of promies for the breach of which the law gives a remedy Implied Warranty of Merchantibility an unwritten and unspoken guarantee to the buyer that goods purchased conform to ordinary standards of care and that they are of the same average grade, quality, and value as similar goods sold under similar circumstances. In other words, goods fit for the ordinary purposes for which they are to be used. implied warranty of fitness warranty that does not conta...

BULW CH. 2 NON VOCAB Exam Questions Clearly Answered 2024. Forcing a party to agree to the terms of a contract through the use of threats or blackmail is called: - correct answer Duress What implied terms do all contracts include? Choose 2 answers. - correct answer An implied covenant of Fair Dealing An implied covenant of Good Faith What remedies are available after an anticipatory repudiation? Choose 3 answers. - correct answer 1. Requiring Assurance 2. suspending performance 3. co...

CMGT 460W, Top Exam Questions and answers, 100% Accurate, VERIFIED. In order to prevail under a breach of contract claim, Plaintiff must show there was a contract, Plaintiff performed under the contract, Defendant breached the contract, and Plaintiff was damaged. True or False - -True Major breaches of contract typically fall within all of the following categories, except: A. Easily correctable B. Scope of work C. Price of work D. Schedule of work - -Easily Correctable Dama...

NCMA CPCM 1.2 Contract Principles Exam Questions and Answers Principal and Agency -Answer-Relationship in which one person has legal authority to act for another. Authority granting party (company or government) is the principal. Party who receives authority to act on their behalf is the agency. Four types of authority -Answer-Actual authority, express authority, implied authority, apparent authority Actual Authority -Answer-Agent's specific authority that the principal intentionally con...

Stage 13: Assest management/end of life The procurement professional should evaluate whether the need is still current. If it is and unchanged, the procurement cycle process commences again but from a different stage as the need is already known and understood. If the need is not required the buyer should manage the end of life by reducing stock levels and informing the supplier Anti-bribery procedures -Proportionate procedures: should be in line with the ype of bribery risk and scale tha...