Law Final

Question 1

g

Answer 1

g

Question 2

Compensatory damages-

Answer 2

(put you in a position as if the other side did not breach the contract they have to pay some else to do their part or do it themselves)

Question 3

Consequential damages-

Answer 3

(You violated the contract to fix my machine now i couldn’t work on tuesday now you have to pay for the workday i missed)

Question 4

Nominal damages-

Answer 4

(3rd party tries to get involved to prove a point or set a precedent are only paid $1 to symbolically show they won)

Question 5

Punitive damages-

Answer 5

Punitive damages- (F* you pay me $2790789798 because F* you) not legal in contract breach contracts unless one side committed a tort or crime.

Question 6

Liquidated damages-

Answer 6

In the contract we said if you didn’t show up you would have to pay me $100 in addition to whatever other damages are on this list. (must be reasonable amount or this is considered punitive damages and is illegal)

Question 7

Mitigation of damages-

Answer 7

You have an obligation to limit damages if the other party violates a contract- (if the other side doesn’t do their job do as much work you can so you look better in court)

Question 8

Can a court add or remove items from a contract

Answer 8

Court can add and remove language from a contract but they are far more likely to remove items from a contract then add (add is a kind of slippery slope)

Question 9

Assign-

Answer 9

trade or gifts benefits of a contract. (EX: I owe nick $50. I would be paid $50 for finishing mowing someone’s lawn instead I allow nick to take the $50 instead of me to cover my debt)

Question 10

Delegate-

Answer 10

downsides of a contract (give negative requirements to someone else) EX: I am in a contract to mow someone’s lawn I tell my friend who owes me a favor to do it instead.

Question 11

Who would be considered a third party beneficiary?

Answer 11

Third party beneficiary- A third party might have the legal ability to enforce a contract if they are a beneficiary wife/husband/children/close business partner/friend (not an incidental beneficiary)

Question 12

Under ___ their is not “mirror image rule” or “counter offer” in UCC all counter offers are considered valid contracts.

Answer 12

UCC- Uniform commercial code

Question 13

What is the legal definition of goods?

Merchants?

Answer 13

Goods- (physical movable personal property not land not services)

Merchants- (someone who regularly buys or sells goods or advertises themselves as someone with expertise in buying and sales.)

Question 14

what is the UCC article 2 about?

article 2a?

Answer 14

2 is for sales contracts of goods between merchants

2a is for lease contracts of goods(physical movable personal property not land) between merchants

Question 15

Products purchased during a service contract is called a ____ contract

What is the purpose of this contract?

Answer 15

mixed contract.

Mixed contracts could be sales or service contract depending on which seems like the greater purpose.

Question 16

Firm offer rule-

Answer 16

If you promise to keep an offer open you must keep the offer open unless the offer is rejected by the other party.

Question 17

What is risk of loss?

can contracts assign risk of loss?

Answer 17

Risk of loss- contract may fail T-shirts burn in lightning strike

Contracts may assign who takes risk of loss if it does not court will assign it.

Question 18

Entrustment rule-

Answer 18

If I leave something with you (even if it’s just leaving it with the appraiser) then thief rule no longer counts. (don’t entrust anything to anyone) (diamond ring rule)

Question 19

Matthew has a contract to sell a piece of real estate to Betty for $35,000. Matthew breaches the contract and decides to keep the property even though the market price is only $31,000. Betty can recover:

Answer 19

$4,000 dollars