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Business Law Ch. 9
Contract Performance, Breach, and Remedies
| Question | Answer |
|---|---|
| The transfer of contract rights to a third person is known as: | an assignment |
| When you transfer contractual duties to someone else, this is known as: | a delegation |
| An intended third party beneficiary cannot enforce a contract against the original parties: | unless both of the parties that formed the contract consent to the action |
| Suppose that William and Laverne did not cancel their contract, but Laverne's house burned down before William could paint it. In this case, the contract: | is terminated by operation of law |
| When a party to a contract breaches the contract, the other party is legally entitled to: | money damages |
| Consequential damages are: | special, foreseeable damages that compensate for a loss that does not directly or immediately result from a breach of contract |
| Liquidated damages may be defined as: | a specific dollar amount to be paid in the event of a future default or breach of contract |
| Suppose that Jennifer agrees to tutor Sal's children during the summer. After one week, Jennifer decides that she can't handle the children and refuses to tutor them any longer. If Sal sues Jennifer for specific performance, a court would likely: | refuse to order specific performance of the contract because it is a contract for personal services |
| The most common way to discharge, or terminate, contractual duties is: | by performance |
| If, three weeks before you and Lester are supposed to close your deal for the sale a twenty-acre tract of land, Lester calls you and says, "The deal is off!" Lester has: | anticipatorily repudiated the contract |
Created by:
ashbob12
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