1. Johnson asked his agent (Sania) to buy a property for him in London? Sania owned a couple of properties in London and without disclosing this fact to Johnson, she sold one of her properties to Johnson at market value. Is Sania in breach of her agency duties?

Select one:

a. No, because Sania has made no secret profit on sale of property as property was sold at market value

b. Yes, because Sania has a duty to avoid conflict of interest

c. Yes, because Sania has a duty to account

d. No, because she has acted according to Johnson's instructions and has the property as required by Johnson

2. Specific performance is available as a remedy in which of the following cases?

Select one:

a. Where damages are an adequate remedy.

b. Where the contract would require constant supervision.

c. Where the contract is for personal services.

d. Where the order is mutually acceptable to the parties concerned and damages are not an appropriate remedy.

3. Which of the following is considered by courts to determine whether the statement is a term of a mere representation?

Select one:

a. Timing of statement

b. Relevance of statement

c. Knowledge of Parties

d. All of the above

4. In the case of the liquidated damages, how are the damages calculated or decided?

Select one:

a. On the basis of a pre-estimated amount of damages (estimated at the time of entering into the contract) to be awarded in the event of a breach of contract occurring.

b. A pre-estimated amount that a party will need to pay should be a breach of the contract. The amount is set excessively high to encourage the performance and deter the breach.

c. Damages are quantified by the courts followed by a breach.

d. Damages are negotiated and agreed upon by the parties following the breach

5. In the case of the liquidated damages, how are the damages calculated or decided?

Select one:

a. On the basis of a pre-estimated amount of damages (estimated at the time of entering into the contract) to be awarded in the event of a breach of contract occurring.

b. A pre-estimated amount that a party will need to pay should be a breach of the contract. The amount is set excessively high to encourage the performance and deter the breach.

c. Damages are quantified by the courts followed by a breach.

d. Damages are negotiated and agreed upon by the parties following the breach