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The UCC requires a party to elect the remedy sought for breach of contract, unlike the common law where remedies are cumulative.

true

false

Tom and Nancy enter into a written contract for the sale of a dollhouse that Tom will custom-make. In the contract, they agree that Nancy will pay $350 if she breaks the contract. This sum of money is known as

Mitigation of damages

Speculative damages

Equitable remedy

Liquidated damages

Earl holds 1,000 pounds of perishable fruit in storage for Fresh Food Corporation. Fresh Food then refuses to pay for the storage. Earl sells the fruit to Green Grocery Stores, Inc. This sale represents

a breach of contract

a mitigation of damages

rescission and restitution

specific performance

An accord is

a contract to perform an act to satisfy an existing contractual duty.

the actual performance of an act to discharge an existing contractual duty.

the agreement to form a contract containing a promise to perform an act that will discharge an existing contractual duty.

none of the above.

Paul contracts to buy a Quality-brand computer from Royal Networking Systems for $5,000, but Royal fails to deliver. Paul looks in other stores and finally buys the computer elsewhere for $6,700. Paul's measure of damages is

$1,700

$1,700 plus incidental damages

incidental damages only

nothing

Tina and Melvin enter into a contract by which Melvin agrees to cut Tina's grass once a week for $30. Melvin dies two weeks later. His estate

must find another person to cut Tina's lawn for $30 once a week.

is discharged from any further obligations under the contract.

is discharged from any further obligations under the contract only if Tina knew it was unlikely that Melvin would live to complete the contract.

none of the above.

Oscar agrees to paint Vinny's car but fails to put a pinstripe around each of the headlights as called for in the contract. The fact that Oscar has done everything else required under the contract constitutes

complete performance.

substantial performance.

a material breach.

none of the above.

Flag question: Question 8Question 82 pts

Marvin and Betty sign a loan agreement in which Betty borrows $1,000 at a rate of interest of 20 percent. The state legislature subsequently passes a law lowering the maximum permissible rate of interest from 20 percent to 15 percent. Betty's best argument for avoiding the contract is

Group of answer choices

the law has rendered performance of the contract illegal.

the specific subject matter of the contract has been destroyed.

performance of the contract is commercially impossible.

the agreement violates the mirror image rule.

Which of the following are equitable remedies?

Group of answer choices

Monetary damages

Specific performance

Specific performance and injunctive relief

Monetary damages, specific performance and injunctive relief

Ira orally agrees to buy a unique collection of sports memorabilia for $1,000 from Jane and sends her $250 as a down payment. When Ira sends her the rest of the price, Jane refuses to ship Ira the collection. Ira should seek

Group of answer choices

damages

reformation

rescission

specific performance

Dave contracts to repair a computer for Erin for $100. If Dave dies before he performs, his estate

Group of answer choices

must find another person to repair the computer

is discharged from further obligations under the contract

is discharged from further obligations under the contract only if Erin knew Dave was in poor health

None of the above

Nora contracts to work for ABC Investments during June for $2,500. On May 31, ABC cancels the contract. Nora refuses to accept a similar job with First State Bank, which would pay $2,000. Nora files a suit against ABC. As compensatory damages, Nora can recover

$2,500

$2,000

$500

nothing

Dave contracts to buy a Picasso painting from Richard for $1 million dollars. On the day of delivery, Richard has a change of heart and refuses to part with his masterpiece. Dave should

sue for specific performance

sue for $1 million dolalrs

rescind the contract

none of the above

Jack and Melissa are engaged to getmarried. They contract to take 10 lessons from TwinkleToes Dance Studio so they can bedazzle the guests at their wedding. After two lessons, Melissa breaks off the engagement. When Jack tells TwinkleToes, they agree to discharge the contract for payment of the two lessons.

This is a breach of contract

This is a mutual recission

Both a and b are correct

None of the above is correct

Equitable remedies for breach of contract are available when legal remedies like damages will not make the innocent party whole.

Group of answer choices

true

false