Question 1 (1 point)

Which of the following statements was not made by the court

in Goldbard v. Empire State Mutual Life Ins. Co.? Question 1 options:

a) Sometimes the matter of intention may be determined exclusively from documents.

b) The facts of the case suggest that if any settlement was reached it was not a superseding or substituted agreement.

c) The question was whether there was a substituted agreement, an executory accord, or no contract at all.

d) It is generally assumed that one surrenders an existing obligation for a promise to perform in the future.

Question 2 (1 point)

Which one of the following statements is not correct regarding the court's decision in First American Commerce Co. v. Washington Mutual Savings?

Question 2 options:

a) The court reversed the grant of summary judgment.

b) The court agreed with the statement that "lawyers seem prone to use the word 'assignment' inartfully."

c) The court stated that courts use the term "assignment" very precisely.

d) The court stated that the usual rule requiring that a delegating party remain liable is designed to protect the expectations of the party receiving the performance.

Question 3 (1 point)

According to the hornbook reading for this module, which one of the following statements regarding mutual rescission is not correct?

Question 3 options:

a) Generally, an attempt to discharge a duty that has arisen by complete or substantial performance requires consideration.

b) Rescissions must be explicit; they may not be implied.

c) If one of the parties has fully performed under a bilateral contract or as offeree of a unilateral contract, a mutual agreement to put the contract to an end is ineffective.

d) The surrender of rights under the agreement by each party is the consideration for the mutual rescission.

Question 4 (1 point)

According to the hornbook reading for this module, which one of the following statements regarding a substituted contract is not correct?

Question 4 options:

a) A majority of cases have held that upon a material breach of the substituted contract, the aggrieved party may cancel it, reviving the original claim.

b) The concept of "substituted contract" was created largely to circumvent the unsatisfactory rules that until recently governed executory accords.

c) A substituted contract immediately discharges the prior claim.

d) If the substituted contract is void, unenforceable, or voidable, the original either remains unimpaired or is revived by avoidance of the new agreement.

Question 5 (1 point)

Which of the following statements regarding a novation is not accurate?

Question 5 options:

a) A novation includes a new obligor or obligee.

b) "Novation" is frequently synonymous with "substituted contract."

c) A third party beneficiary contract cannot be a novation.

d) A novation creates a new duty.

Question 6 (1 point)

Which one of the following statements regarding a release is not

accurate?

Question 6 options:

a) The doctrine of mistake is frequently invoked when a general release discharges claims that were unknown to the releasor.

b) A release must be unconditional.

c) A release unsupported by consideration may be validated by the releasee's injurious reliance upon it.

d) Most current definitions of "release" indicate that it must be in writing.

Question 7 (1 point)

Garage buys auto parts multiple times a week from Parts. When Garage's bookkeeper retired suddenly, during the period before a replacement could be hired, Garage kept ordering the parts it

needed and soon lost track of how much it owed Parts. Garage and Parts agreed in writing on a total amount due, which Garage paid. Thereafter, Parts discovered two misplaced invoices for parts ordered by Garage. Parts can:

Question 7 options:

a) collect the amount due for the invoices, because Parts provided the auto parts to Garage.

b) collect the amount due for the invoices; by ordering the auto parts, Garage implicitly agreed to pay Parts for them.

c) not collect the amount due for the invoices, because Parts and Garage agreed to an account stated.

d) not collect the amount due for the invoices, because the account stated was evidenced by a writing.

Question 8 (1 point)

Saved

Florist and Wholesaler have a long-standing business relationship. They resolve their dispute over the price for standard flowers that Florist wants included in every delivery under their current contract by entering into a new contract at Wholesaler's preferred price, but which includes additional seasonal varieties within that price. Florist and Wholesaler have resolved their dispute through:

Question 8 options:

a) an account stated.

b) an executory accord.

c) a substitute agreement and release.

Question 9 (1 point)

Saved

Florist and Wholesaler have a long-standing business relationship. They resolve their dispute over the price for standard flowers that Florist wants included in every delivery under their current contract by entering into a substituted agreement and release at Wholesaler's preferred price, but which includes additional seasonal varieties within that price. Florist and Wholesaler's claims under the current contract will be resolved:

Question 9 options:

a) upon payment of the first installment under the substituted agreement and release.

b) upon signing the substituted agreement and release.

c) upon completing performance of the substituted agreement and release.

Question 10 (1 point)

Which of the assigned cases clarified the intent required by the

parties for mutual rescission? Question 10 options:

d) Either B or C.

d) none of the above.

a) Copeland Process Corp. v. Nalews, Inc.

b) Goldbard v. Empire State Insurance Co.

c) First American Commerce Co. v. Washington Mutual Savings Bank.

d) Old West Enterprises, Inc. v. Reno Escrow Co.