Question 1

A breach of contract occurs when a party fails to perform part or all of the required duties under a contract.

Accepted Answer

A) True 
 B)False

Question 2

Juan and Isidro enter into a contract to buy, restore, and reopen the Coastal Park Carousel. Before either party begins to perform, they make a new agreement to rescind their deal. This

Accepted Answer

A)   discharges the original contract.
B)   has no effect on Juan's performance.
C)   changes Isidro's duties under the contract.
D)   suspends both parties duties to perform.E) C) and D)
F) A) and B)

Question 3

Drain Equipment Inc. contracts to sell its assets to Earth Aquatic Corporation. Before either party has performed, rescission of this contract requires

Accepted Answer

A)   a mutual agreement to rescind.
B)   an accord and satisfaction.
C)   a novation.
D)   specific performance.E) A) and B)
F) A) and C)

Question 4

Emil enters into a contract to buy Foley's cultivated bottomland if County AgriCredit will lend Emil the funds to pay for the land. Emil's duty to perform is

Accepted Answer

A)   absolute.
B)   conditional.
C)   substantial.
D)   commercially impracticable.E) None of the above
F) A) and B)

Question 5

Leah and Mason are parties to a contract for the sale of Mason's day care facility to Leah. Before the deal closes, they agree to substitute Nell for Leah as a party to the deal. This does not require

Accepted Answer

A)   the existence of a previous, valid obligation.
B)   agreement by all the parties to a new contract.
C)   performance of the original contract by all of the parties.
D)   a new, valid contract.E) C) and D)
F) A) and B)

Question 6

For mutual rescission of a contract to take place, both parties must provide additional consideration.

Accepted Answer

A) True 
 B)False

Question 7

Inez hires Josh to paint her portrait to her satisfaction for $4,000. When Josh finishes the portrait, Inez announces that she is not satisfied with it. Inez

Accepted Answer

A)   must pay Josh the contract price.
B)   must pay Josh half of the contract price as a compromise.
C)   must pay Josh only the cost of his materials.
D)   does not have to pay Josh.E) A) and B)
F) C) and D)

Question 8

A buyer who offers to pay for goods has tendered payment but cannot yet demand delivery.

Accepted Answer

A) True 
 B)False

Question 9

Don enters into a contract to buy Ezra's office building for a certain price subject to an appraiser's evaluation that the structure's condition is not substandard. If the appraiser deems the condition to be substandard, the parties' obligations will be

Accepted Answer

A)   discharged.
B)   breached.
C)   altered.
D)   performed.E) B) and C)
F) C) and D)

Question 10

If a contract condition is not satisfied, the obligations of the parties are not discharged.

Accepted Answer

A) True 
 B)False

Question 11

State University provides housing on campus and in some adjacent off-campus neighborhoods. To lease a university house or apartment, a person must be a student at State. This requirement is

Accepted Answer

A)   a condition.
B)   a novation.
C)   a breach of contract.
D)   an operation of law.E) B) and C)
F) C) and D)

Question 12

In most contracts, promises of performance are conditioned.

Accepted Answer

A) True 
 B)False

Exam 16: Performance and Discharge

Don enters into a contract to buy Ezra's office building for a certain price subject to an appraiser's evaluation that the structure's condition is not substandard. If the appraiser deems the condition to be substandard, the parties' obligations will be

Correct Answer
verified

A buyer who offers to pay for goods has tendered payment but cannot yet demand delivery.

Correct Answer
verified

Drain Equipment Inc. contracts to sell its assets to Earth Aquatic Corporation. Before either party has performed, rescission of this contract requires

Correct Answer
verified

For mutual rescission of a contract to take place, both parties must provide additional consideration.

Correct Answer
verified

Inez hires Josh to paint her portrait to her satisfaction for $4,000. When Josh finishes the portrait, Inez announces that she is not satisfied with it. Inez

Correct Answer
verified

In most contracts, promises of performance are conditioned.

Correct Answer
verified

Leah and Mason are parties to a contract for the sale of Mason's day care facility to Leah. Before the deal closes, they agree to substitute Nell for Leah as a party to the deal. This does not require

Correct Answer
verified

If a contract condition is not satisfied, the obligations of the parties are not discharged.

Correct Answer
verified

A breach of contract occurs when a party fails to perform part or all of the required duties under a contract.

Correct Answer
verified

Juan and Isidro enter into a contract to buy, restore, and reopen the Coastal Park Carousel. Before either party begins to perform, they make a new agreement to rescind their deal. This

Correct Answer
verified

State University provides housing on campus and in some adjacent off-campus neighborhoods. To lease a university house or apartment, a person must be a student at State. This requirement is

Correct Answer
verified

Emil enters into a contract to buy Foley's cultivated bottomland if County AgriCredit will lend Emil the funds to pay for the land. Emil's duty to perform is

Correct Answer
verified

Exam 16: Performance and Discharge

Don enters into a contract to buy Ezra's office building for a certain price subject to an appraiser's evaluation that the structure's condition is not substandard. If the appraiser deems the condition to be substandard, the parties' obligations will be

Correct AnswerverifiedShow Answer

A buyer who offers to pay for goods has tendered payment but cannot yet demand delivery.

Correct AnswerverifiedShow Answer

Drain Equipment Inc. contracts to sell its assets to Earth Aquatic Corporation. Before either party has performed, rescission of this contract requires

Correct AnswerverifiedShow Answer

For mutual rescission of a contract to take place, both parties must provide additional consideration.

Correct AnswerverifiedShow Answer

Inez hires Josh to paint her portrait to her satisfaction for $4,000. When Josh finishes the portrait, Inez announces that she is not satisfied with it. Inez

Correct AnswerverifiedShow Answer

In most contracts, promises of performance are conditioned.

Correct AnswerverifiedShow Answer

Leah and Mason are parties to a contract for the sale of Mason's day care facility to Leah. Before the deal closes, they agree to substitute Nell for Leah as a party to the deal. This does not require

Correct AnswerverifiedShow Answer

If a contract condition is not satisfied, the obligations of the parties are not discharged.

Correct AnswerverifiedShow Answer

A breach of contract occurs when a party fails to perform part or all of the required duties under a contract.

Correct AnswerverifiedShow Answer

Juan and Isidro enter into a contract to buy, restore, and reopen the Coastal Park Carousel. Before either party begins to perform, they make a new agreement to rescind their deal. This

Correct AnswerverifiedShow Answer

State University provides housing on campus and in some adjacent off-campus neighborhoods. To lease a university house or apartment, a person must be a student at State. This requirement is

Correct AnswerverifiedShow Answer

Emil enters into a contract to buy Foley's cultivated bottomland if County AgriCredit will lend Emil the funds to pay for the land. Emil's duty to perform is

Correct AnswerverifiedShow Answer

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