Milly is a limited partner in Woodly Efforts, a limited partnership. Debts incurred by the firm come due, and the firm cannot pay them. Milly is liable

To the extent of her capital contribution

To no extent

To the full extent of the debts.

In proportion to the total number of partners in the firm

Bridge builders Inc. is building a new interchange for the state of Utopia in I-16 for $10,000. The written contract contains a liquidated damages provision that says Bridge Builders Inc. must pay $50,000 for every day Bridge Builders Inc. is late in completing the construction of the interchange. This provision:

is unenforceable because in this case the amount of damages suffered by Bob due to Home Builders Inc. breach is easy to estimate.

is unenforceable if the court determines that it is a penalty

is enforceable because it is in writing

Is enforceable even if it is a penalty because it is what the parties agreed to and the court will not save you from a "bad deal

A subcontractor submits a bid that contains a mathematical error.

This is an example of negligent misrepresentation.

A resulting contract would be voidable by the subcontractor if the other party was aware of the error when it accepted the bid..

There is no contract under these circumstances.

This is a sort of unilateral mistake that the law always considers sufficient to grant relief.

Which of the following is most correct concerning mitigation of damages?

Mitigation means that a technical breach of contract has occurred but the plaintiff will normally receive only a small amount of money like $1.

Mitigation of damages usually increases the amount of damages (money) to be received by a plaintiff.

Mitigation of damages usually decreases the amount of damages (money) to be received by a plaintiff

Able needs a 200-foot drainage ditch dug across the back of his farm. Able tells Brown he will pay him $500 if Brown completes the job by 5 p.m on this coming Saturday. By noon Saturday. Brown has almost completed the work when Able tells Brown to stop working because the drainage ditch is no longer required.

This is a bilateral contract.

This is a unilateral contract

Once Brown begins the work, Able's offer is not revocable under these facts.

Two of these options.

The transfer of a contract duty to the third party is known as a/an

Assignment

Delegation

Implied warranty

novation

A contract may not be delegated when

Performance depends on the personal skills or talents of the obligor

Special trust has been placed in the obligor

Performance by a third party will vary materially from the performance expected by the obligee under the contract.

All of these options

In which of the following situations does the first promise serve as valid consideration for the second promise?

A debtor's promise to pay $500 for a creditor's promise to forgive the balance of $600 liquidated debt

A police officer's promise to catch a thief for a victim's promise to pay a reward

A debtor's promise to pay $500 for a creditor's promise to forgive the balance of $600 discounted debt

A buridan's promise to complete contract for a purchaser's promise to extend the time for competition

The ABC Convenience store is having a "happy holiday giveaway". To win a new car, customers must guess the number of marbles in a large jar located at the checkout stand. Which applies?

This is not gambling, there is no chance

This is not gambling, there is no prize

This IS gambling

This is not gambling, there is no consideration

On july 1 Mary contracts with ABC motors for the purchase of a BMW automobile to be delivered to her on September 1. She pays right away in cash. On august 1, she sells the rights of this contract to Sam. Which is correct?

1.The contract between Sam and Mary includes an assignment

2.The contract between Sam and Mary creates athird party beneficiary

1 is correct

2 is correct

both

neither

Fraud

Can not be the basis for avoiding a contract in most cases

Is a tort and a defense to contract formation

Can incur without one intending to commit fraud or being reckless

Cannot occur unless there is a real mutual mistake

X company is a manufacturer of a product sold in large quantities only at one time of the year. Y company supplies vital raw material used in the product. X enters into a contract for the raw materials and informsYthat it will be needed promptly for peak season. Y failed to deliver the raw material on time. X therefore had to lose orders from regular customers, some of which will be permanently lost. X was able to fill some orders by purchasing small quantities of the raw materials from different suppliers and at a higher price. What damages should X receive?

Compensatory damages only

Compensatoryand consequential damages only

Compensatory, consequential and punitive damages

Only nominal damages

Which of the following oral promises are not enforceable by the statute of frauds.

Tanya promises to support ultima for the rest of her life

On January 1, Vance promises to act as Wally's agent for 1 year ending on the following January 1.

Xenia promises to serve as legal counsel for Yvonne's company for 2 years.

When a transaction involves an innocent misrepresentation, then the injured party

Has no legal recourse

May rescind the contract but will not normally be able to recover damages

Entitled to sue for full damages

Smith orally contracted with Eaton on January 1, 2010, to employ Eaton as a store manager for six months. Eaton was to make $2000 per month and to begin as soon as the store was completed. Completion date for this store is uncertain. Which of the following is correct?

This contract is not enforceable by smiths because of the statute of frauds

This contract is not enforceable by Eaton because of the statute of frauds

This contract is enforceable by either

This contract is NOT enforceable by either because of the statute of frauds

Sorry for the long post, I can't find anything about those questions