Contracts

Question 1

Compensatory Damages

Answer 1

The purpose of compensatory damages is to put the non breaching party in the position he would have been and but for the breach. This can be measured by the value of the breaching party’s performance that was lost minus any losses saved.

Question 2

When is a contract not voidable when a party has misrepresented the contract?

Answer 2

If breaching party cures problem before closing the sale

Question 3

Nonconforming goods

Answer 3

If seller gives notice of nonconfomring goods = rejection & counteroffer
If seller does not give notice of nonconforming goods = acceptance and breach

Question 4

Suretyship

Answer 4

A promise to guarantee a debt is supported by consideration if the
1.guarantor is compensated, or
2.the loan is conditioned on obtaining a guarantee,
3.or the promise is made before or at the same time as the loan.

Question 5

Implied in Fact versus Implied in Law

Answer 5

Implied in law contract lacks assent to contract, while implied in fact indicates assent to agreement

Question 6

Can IWFFP be disclaimed?

Answer 6

yes

Question 7

Do you need consent to assign or delegate?

Answer 7

NO