Homework Answers
Answer is Option C
liquidated damages is set during the formation of contract, compensation is calculated based on actual loss the client is likely to incur if the contractor fails to meet the completion date.
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Damages that are agreed upon at the time the contract is entered into are called O...
Assignment 4-1 Week One Multiple Choice & Short Answer Total 40 points BACKGROUND INFORMATION: Comedian/actress Rosie...
Assignment 4-1 Week One Multiple Choice & Short Answer Total 40 points BACKGROUND INFORMATION: Comedian/actress Rosie O’Donnell was part of a breach of contract trial with Gruner & Jahr over the “Rosie” magazine. O’Donnell’s contract stated that she would hold the position of editorial director of the magazine, with control over the editorial process and editorial staff, subject only to the veto of the CEO of G&J. During trial, O’Donnell told the court that in the first run of the...
Business Law class 46. A liquidated damages provision is valid, provided: a. it is in writing;...
Business Law class 46. A liquidated damages provision is valid, provided: a. it is in writing; b. it rewards only nominal damages; c. it is not assignable; d, it is not so high as to be a penalty. 47 A party to a contract has a duty to __________or reduce his/her damages. a. mitigate; b. litigate; c. defer; d. increase; 48. Foreseeable damages which flow from a party’s breach of contract, which the breaching party is aware of prior to...
88. Both the ___________________ and the _______ permit several writings to be integrated to form a...
88. Both the ___________________ and the _______ permit several writings to be integrated to form a single written contract. A. doctrine of part performance; UCC B. common law of contracts; parol evidence rule C. common law of contracts; UCC D. UCC; parol evidence rule E. Statute of Frauds; UCC 92. A non-breaching party can sometimes recover ____________ damages, or __________ damages, from the breaching party. Consequential damages are ____________ damages that arise from circumstances outside a contract. A. consequential; special;...
Question 10 Eve contracts to repair a computer for National Distributors, Inc. Eve knows that without...
Question 10 Eve contracts to repair a computer for National Distributors, Inc. Eve knows that without the computer, National will lose a sale. Eve does not perform as promised. National files a suit against Eve. As consequential damages, National can recover A. the cost of a new computer B. the difference between Eve’s price and the actual cost of repair C. the loss of profit from the lost sale D. nothing Question 11 Tina and Melvin enter into a contract...
A defrauded buyer may avoid the contract and recover damages.
Question 20A defrauded buyer may avoid the contract and recover damages.TrueFalseQuestion 22A contract made by an incompetent person after a guardian has been appointed is voidable.TrueFalseQuestion 24If a buyer materially breaches the contract, the seller may not cancel the contract until it notifies the buyer.TrueFalseQuestion 25Ordinarily, a promise to perform an existing legal obligation is:a. binding if the promisor promises to perform with extra care.b. not consideration.c. binding if the promisee would experience substantial loss due to breach of the...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price was RM4 million, the position of the contract at the end of the years 2015, 2016, and 2017: into a contract to construct an express highway from Melaka RM4 million, the following table shows the 2015 RM'000 2017 RM'000 Variation to the contract price (increase) Cumulative costs incurred to date Estimated costs yet to be incurred Progress billings to date 2016 RM'000 400 1,800...
Able Co. entered into a contract with Baker Co. for the sale of goods. Both parties...
Able Co. entered into a contract with Baker Co. for the sale of goods. Both parties are merchants under the UCC and each party used its own form as an offer and acceptance. On the reverse of each form, there were minor terms that conflicted with each other. What is impact of these minor differences in terms in the forms on the contract? a. There is no contract here because there is a discrepancy between the standard forms used by...
49. "Tool For You" (TFY) is a company that sells power tools to consumers. The sales...
49. "Tool For You" (TFY) is a company that sells power tools to consumers. The sales contract of TFY states that TFY will not be liable for any consequential damages that the consumer suffers as a result of using power tools purchased from them. Harry purchased a table saw from TFY for use in his hobby of woodworking. Harry was injured when the saw blade flew off. He wants to sue TFY but is not sure whether the contract provision...
Explain when a contract has to be in writing. 2. Duress B. A beneficiary that cannot...
Explain when a contract has to be
in writing.
2. Duress B. A beneficiary that cannot enforce the contract between original parties. _3. Statute of frauds C. Knowledge 4. Parol Evidence Rule D. A transfer of rights to another. 5. Condition subsequent E. Being deceived as to the nature of the contract being signed. 6. Condition precedent dent F. A substituted contract involving two parties compromising their dispute. 7. Novation G. An equitable remedy used to enforce contract. H. A...
Business Law questions
. Mr. T contracted to sell Mr. Andy Chen a building for $800,000.00. The contract basically requires Mr. Chen to pay the entire amount at closing. However, Mr. Andy Chen refused to close the sale of the building. Mr. T sued (of course). What relief is Mr. T entitled to?a. Compensatory damages or specific performanceb. Specific performance and compensatory damagesc. Consequential or punitive damagesd. Punitive and compensatory damagese. WhateverBaragon Ballroom, located at Lincoln Square, hires “Ratt” to sing there for...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price was RM4 million, the position of the contract at the end of the years 2015, 2016, and 2017: into a contract to construct an express highway from Melaka RM4 million, the following table shows the 2015 RM'000 2017 RM'000 Variation to the contract price (increase) Cumulative costs incurred to date Estimated costs yet to be incurred Progress billings to date 2016 RM'000 400 1,800...
49. "Tool For You" (TFY) is a company that sells power tools to consumers. The sales contract of TFY states that TFY will not be liable for any consequential damages that the consumer suffers as a result of using power tools purchased from them. Harry purchased a table saw from TFY for use in his hobby of woodworking. Harry was injured when the saw blade flew off. He wants to sue TFY but is not sure whether the contract provision...
Explain when a contract has to be
in writing.
2. Duress B. A beneficiary that cannot enforce the contract between original parties. _3. Statute of frauds C. Knowledge 4. Parol Evidence Rule D. A transfer of rights to another. 5. Condition subsequent E. Being deceived as to the nature of the contract being signed. 6. Condition precedent dent F. A substituted contract involving two parties compromising their dispute. 7. Novation G. An equitable remedy used to enforce contract. H. A...
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