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MGMT 303 > Chapter 18&19 > Flashcards

Chapter 18&19 Flashcards

1
Q

An offer to perform is a

A

Tender

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2
Q

Tender excludes

A

Mere expression of willingness to pay

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3
Q

Payments of debt by a check are not

A

None of the above

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4
Q

The substantial performance rule is irrelevant

A

To construction contracts (MIGHT GO BACK TO THIS ONE)

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5
Q

Modern federal law gives a consumer a right to rescind home-solicited sales contracts within a matter of

A

Days

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6
Q

Ordinarily application of payments

A

May be specified by debtor

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7
Q

Affecting both future and past of a contract is

A

Termination by Recession or NONE OF THE ABOVE (come back to this)

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8
Q

Agreement to a different performance of a contractual obligation, which different performance is executed, is

A

Accord and satisfaction

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9
Q

Contracts can sometimes be discharged by

A

ALL OF THE ABOVE

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10
Q

Discharge by operation of law includes

A

ALL OF THE ABOVE

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11
Q

Alteration of a written contract means discharge by operation of law if

A

The alteration is made by a party to the contract

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12
Q

A rescinding party must

A

Restore the other to the other’s original position

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13
Q

A morals clause exemplifies

A

Condition

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14
Q

Refusal of tender

A

Discharges party offering to perform and is basis for a lawsuit

BOTH A AND B ARE CORRECT

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15
Q

Expiration of time for performance specified in contract can mean

A

Breach

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16
Q

This clause contracts around impossibility doctrine

A

Force majeure

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17
Q

Discharge by impossibility keys to

A

Unexpected intervening act

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18
Q

Essentially a private statue of limitations is this clause

A

Contractual limitation

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19
Q

If a party declares before performance time he will not perform, the other party may do all but

A

Regard this conflict as a conflict of law

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20
Q

Contract damages must have been foreseeable to defendant if

A

Consequential

21
Q

Exemplary damages also are called

A

Punitive

22
Q

Liquidated damages are

A

Identified in the contract itself

23
Q

A penalty is void if unreasonably large and not proper

A

liquidated damages

24
Q

An injured party who rescinds after having paid money on the contract may recover money paid on a theory of

A

quasicontract

25
Q

The discretionary judicial grant of specific performance will NOT be refused because

A

The contract is one of adhesion (COME BACK TO THIS ONE)

26
Q

Judgment of a small sum, such as one dollar, is probably

A

Nominal damages

27
Q

If there has been waiver of a contractual breach, the waiving party can

A

None of the above

28
Q

Reservation of right is most relevant given

A

Accepting a tendered defective performance

29
Q

Losses not necessarily following breach, but doing so in a particular case, are

A

Consequential

30
Q

Failure to act as contractually required is

A

Breach

31
Q

Deterring ordering the specific performance of personal services

A

13th Amendment

32
Q

Damages are measured as reasonable value in

A

quasicontract

33
Q

Special damages are

A

Consequential

34
Q

Party injured by contractual breach must

A

Mitigate damages

35
Q

Material breach of contract keys to

A

Injunctions (?)

36
Q

Specific performance is

A

Equitable remedy

37
Q

Order to former employee to stop competing is

A

Injunction

38
Q

Written contract incorrectly stating agreement suggests

A

Reformation

39
Q

Each party ordinarily pays own attorney fees under

A

American Rule

40
Q

Exulpatory clause completely .. gross neglience

A

Unenforcebale?

41
Q

TRUE OR FALSE

Frustration of purpose doctrine ties to change circumstances

A

TRUE

42
Q

TRUE OR FALSE

Commercial impractibility doctrine ties to nonoccurence of basic contractual assumption

A

TRUE

43
Q

TRUE OR FALSE

Acts of God ordinarily will terminate a contract

A

FALSE

44
Q

TRUE OR FALSE

Contracts nowadays commonly include a Weather Clause

A

TRUE

45
Q

TRUE OR FALSE

Discharge by impossibility is judged subjectively

A

TRUE(?)

46
Q

TRUE OR FALSE

Anticipatory repudiation can never be expressed by conduct

A

FALSE

47
Q

TRUE OR FALSE

Anticipatory breach is impossible under American Law

A

FALSE

48
Q

TRUE OR FALSE

Ordinary monetary damages gives the injured party “the benefit of the bargain”

A

TRUE

49
Q

TRUE OR FALSE

Given valid liquidated…

A

IDK

MGMT 303 (5 decks)

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