BLAW-11T./F.
T./F. A condition is a qualification in a contract based on a future event that is certain to occur.
False
T./F. A liquidated damages provision in a contract specifies a certain amount to be paid in the event of a default or breach of contract.
False
T./F. A party seeking to recover compensatory damages cannot also recover incidental damages.
False
T./F. An innocent party does not need to suffer an injury to collect damages as a result of a misrepresentation.
False
T./F. An occurrence or event that makes performance temporarily impossible operates to discharge the parties' contractual duties.
False
T./F. Any party who does not receive what he or she considers a fair bargain can argue mistake.
False
T./F. Compensatory damages compensate a party injured by a breach of contract by punishing the party that breached the contract.
False
T./F. Duress is a defense to the enforcement of a contract, but not a ground for rescission of a contract.
False
T./F. Most courts require a showing of injury when an action is to rescind a contract for fraud.
False
T./F. Reformation is an equitable remedy that allows a court to rewrite a contract to suit itself.
False
T./F. Rescission is an equitable remedy used when the parties have imperfectly expressed their agreement in writing.
False
T./F. The standard measure of compensatory damages is the value of breaching party's promised performance.
False
T./F. Voluntary consent may be lacking because of misrepresentation but not because of a mistake.
False
T./F. A contract may include a clause stating that damages will be limited to a maximum amount.
True
T./F. A contract may not be enforceable if one party is aware that the other party made a mistake of fact.
True
T./F. A contract will be discharged if supervening circumstances make it impossible to attain the purpose both parties had in mind when they made the contract.
True
T./F. A party who in good faith performs substantially all of the terms of a con-tract can enforce the contract against the other party.
True
T./F. A party who in good faith performs substantially all of the terms of a contract can enforce the contract against the other party.
True
T./F. Any breach entitles the nonbreaching party to sue for damages
True
T./F. As a general rule, contract duties can be delegated.
True
T./F. Consequential damages are awarded for damage caused by special circumstances beyond a contract itself.
True
T./F. Damages that compensate the nonbreaching party for the loss of a bargain are known as consequential damages.
True
T./F. In most contracts, promises of performance are not expressly conditioned.
True
T./F. Intended beneficiaries can sue to enforce a contract.
True
T./F. Misrepresentation of a material fact can occur by words or action.
True
T./F. Most contracts need to be performed only to the satisfaction of a reasonable person unless they expressly state otherwise.
True
T./F. Ordinarily, a waiver by a contracting party will not operate to waive subsequent, additional, or future breaches of contract.
True
T./F. Ordinarily, the remedy for a seller's breach of a contract for a sale of real estate is specific performance.
True
T./F. Specific performance will not be granted unless the party's legal remedy is inadequate.
True
T./F. The law allows an innocent party to be discharged when the other party has materially altered a written contract without consent.
True
T./F. When a party's performance is perfect, it is said to be complete.
True
T./F. When the dominant party in a fiduciary relationship benefits from that relationship, a presumption of undue influence arises.
True
T./F. Words or terms in contracts that are subject to more than one reasonable interpretation can lead to bilateral mistakes.
True
T./F.A material fact is a fact that a reasonable person would consider important when determining his or her course of action.
True
