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een Shot 2021-03-22 at 6.37.35 PM v h . . . Screen Shot 2021-... Screen Shot 20... Q Question 25 (1 point) Question 45 (1 point) Question 29 (1 point) Consideration is lacking in a(n) _ which is a promise to do something one is Judy, a widow, just sold a piece of property. She will live off that money during The rule of mitigation of damages requires that a party injured by a breach of already under a legal obligation to do. her retirement. Judy dotes on her son, Chris, who asks her to invest her money contract must: in his restaurant, which is faltering. He tells her that if she does not lend him the O a) good-faith adjustment money she will never see him or her grandchildren again. She is afraid of being O a) discharge the contract before filing suit for breach. alone and agrees to his request, but soon changes her mind and asks for her O b) conditional promise money back. Chris claims they have formed a binding contract. What is your conclusion? b) have taken every precaution possible to prevent a breach of contract. O c) cancellation provision O a) The contract is voidable based on negligent misrepresentation (he was O c) take reasonable steps to reduce the damages that would otherwise be O d) preexisting legal obligation lying about cutting off visits with her grandchildren) sustained because of the breach Question 30 (1 point) O b) The contract is voidable based on duress. O d) hire someone else to perform the contract and not file a lawsuit for a greement to pay reasonable additional compensation to a contractor for the performance damages claim. of a pre-existing contract when the contractor faces extraordinary circumstances caused by unforeseen difficulties is called a: c) The contract is voidable based on undue influence. O a) compensatory agreement Question 46 (1 point) O d) The contract is valid because it was a unilateral mistake. A provision specifying the amount of money damages to be paid in the event of O b) relief payment default or breach of contract is known as a _ damages clause. O c) bribe Question 26 (1 point) Diane sells Jim a used car that Diane intentionally and falsely described as O a) liquidated Od) good-faith adjustment having been driven only 12,000 miles. Jim may have a successful fraud claim if: b) restitution Previous Page Next Page Page 3 of 5 O a) Diane is a merchant and is in the business of selling cars. O c) equitable Question 48 (1 point) b) Jim bought the car solely because of its color. A reservation of rights clause in a contract: O d) nominal O c) Jim bought the car because of its low mileage in justifiable reliance of a) states that even though a defective performand e performance is accepted, the right to Diane's statement. pursue damages after the acceptance is preserved. Question 47 (3 points) b) gives each party to a contract the right to renegotiate the terms at O d) Jim knew that the mileage was more than 12,000 miles and had evidence. anytime. Company A is under contract to ship 500 bicycles to Company B by December 31, 2020. Company B agrees to pay 20% at the time the contract is signed Oc) gives each party the right to multiple remedies for breach of contract. which they have paid), with an additional 20% more paid by November 15, and Question 27 (1 point) the reminder paid by December 31. Company B learns from a reputable third O d) provides each party with the right to file a legal claim for beach of A finding of undue influence would be least likely to occur in a contract party that Company A is suffering an employee shortage due to COVID19 and is contract between: running months behind on fulfilling its contract orders, pushing completion dates six months into 2021. What should Company B do in this situation to best Question 49 (2 points) protect itself? Everything seems fine and they haven't received any notification O a) attorney and client. from Company A about performance issues due to the pandemic. Mark all Under the contract terms, Company A agrees to ship Company B 10 monitors within 14 business days. The monitors are priced at $200.00 each. The contract answers that are correct. has a total value of $2,000.00 . The contract contains a liquidated damages O b) legal guardian and their ward, who is mentally incapacitated. clause that states for each day Company A is late on the delivery of the monitors, they are fined and must pay Company B $1,000.00. Company A (a) Company B can suspend the payment they are required to make on Nov. not anticipate falling behind on shipments but due to equipment failure they O c) neighbor and neighbor. 15 until they receive adequate assurance of performance from Company ship the monitors 5 days late. At the completion of the shipment, Company A provides Company B with an invoice for $2,000. Company B says not so fast, A. you owe us $5,000 under the liquidated damages clause. Company A does no pay the $5,000 bill for the liquidated damages and Company B files a lawsuit. O d) elderly parent and adult child. What is the likely outcome? (b) Company B must wait to see if Company A actually breaches the contract. If they do breach, Company B can obtain relief for the harm they suffer O a) Company B prevails. The liquidated damages clause was part of the Question 28 (3 points) because of the breach. contract, fairly negotiated and not an unconscionable term com le term. Company A must pay $5,000 to Company B. In the collectible baseball card case (Mickey Mantle card) discussed, we said it c) Company B can claim anticipatory breach and seek legal relief before the O b) Company A prevails. The liquidated damages clause is not enforceable was prudent when faced with similar circumstances, to file a claim for both breach actually occurs. because it is excessive and serves as a penalty. intentional misrepresentation (fraud) and negligent misrepresentation because while it is easier to prove a case under Oc) Company A prevails. Liquidated damages clauses are always unfair and Od) Continue fulfilling their responsibilities under the contract (make the Nov. are invalid. Company A will not be required to pay $5,000 to Company B. A if you are successful on the claim for 15 payment), the UCC (uniform commercial code) states Company B is bound to operate under the implied covenant of good faith and fair O d) Company B prevails. The court will not interfere with rewriting the the court may award dealing; they must give Company A a chance to perform. No breach has contract term when 2 businesses have freely negotiated the contract. A damages. yet occurred