Contract II Law Final

Question 1

types of breach on contract

Answer 1

minor/partial
material
fundamental
anticipatory

Question 2

small breach for which the court will not award performance, but will allow for damages when applicable

Answer 2

minor/partial breech

Question 3

in order to receive damages or performance, plaintiff must show

Answer 3

extent to which injured party deprived of benefit which is reasonably expected
extent to which injured party can be adequately compensated for the part of that benefit of whcih he will be deprived

Question 4

breach so essential to the agreement that the plaintiff may not only sue for damages, but may also terminate the contract

Answer 4

fundamental breach

Question 5

When the non-breaching party realizes that the other party will not fulfill his portion of the contract, he may terminate the agreement and sue for damages before the breach happens.

Answer 5

anticipatory breach

Question 6

damages that are intended to cover what the injured party expected to receive from the contract. Calculations are usually straightforward as they are based on the contract itself or market values.

Answer 6

expectation

Question 7

are intended to reimburse the injured party for indirect damages other than contractual loss; for example, loss of business profits due to an undelivered machine. In order to recover, the injuries must “flow from the breach,” i.e. be a direct result of the breach, and be reasonably foreseeable to both parties when they entered into the contract

Answer 7

consquential

Question 8

Damages that are specifically stated in the contract. These are available when damages may be hard to foresee and must be a fair estimate of what damages might be if there is a breach. Both parties determine what would be an appropriate amount during contract negotiations

Answer 8

liquidated damages

Question 9

any disputes over liquidated damages are construed against

Answer 9

drafter or the party with superior bargaining power

Question 10

damages that are awarded when the injured plaintiff does not actually incur a monetary loss, but the judge wants to show that the winning party was in the righ

Answer 10

nominal damages

Question 11

Damages that are not necessarily compensatory, but are awarded to avoid unjust enrichment to the breaching party.

Answer 11

restitution damages

Question 12

a no-go in contract cases. Those are only associated with contracts when the contract breach is in conjunction with another claim such as a tort.

Answer 12

punitive damages

Question 13

court orders the breaching party to perform as agreed

Answer 13

specific performance

Question 14

court ordered rewriting of the agreement to an equitable conclusion

Answer 14

reformation

Question 15

court allows the parties to cancel the contract

Answer 15

recission

Question 16

essential elements of a business contract

Answer 16

parties
agreement/subject of agreement
terms
signatures and dates

Question 17

contract fully integrated and constitues the entirety and complete scope of the agreement between the parties named above

Answer 17

integration clause

Question 18

Should any part of this agreement be deemed unenforceable, it shall be severed from the remainder of the agreement and all other terms and conditions shall remain intact and enforceable

Answer 18

severability clause

Question 19

This agreement may be terminated by either party with thirty days’ notice submitted in writing to the other party.” OR “This agreement shall terminate immediately upon attempts to assign any benefit created thereby

Answer 19

termination clause

Question 20

include governing law, provisions for fees, and ADR provision

Answer 20

dispute resolution clause

Question 21

ADR

Answer 21

alternative dispute resolution

Question 22

three types of ADR

Answer 22

negotiation
mediation
arbitration

Question 23

in case of contracts, what can you agree to

Answer 23

rescind them, reform, or allot damages for your breached agreement

Question 24

parties in dispute vountarily submit to argue their case to a disinterested third party mediator

Answer 24

mediation

Question 25

never leave a mediation table before

Answer 25

a drafted agreement is in hand

Question 26

decisions are binding, unappealable, final. “build your own court”

Answer 26

arbitration