Question 29

Which is the requirement that a plaintiff do whatever is reasonable to minimize the damages caused by the defendant's breach of contract?

liquidated damages

compensatory damages

mitigation of damages

consequential damages

Question 28

Which of the following remedy is available for a breach of contract that requires the breaching party to perform his/her duties under the contract?

restitution

compensatory damages

specific performance

punitive damages

Question 27

Which of the following is a requirement of a valid offer?

the offer must be communicated to the offeree

all of the answers are correct

the terms of the offer must be reasonably certain, or definite, so that the parties and the court can asertain the terms of the contract

there must be a serious, objective intention by the offeror

Question 26

Complete performance never discharges contractual obligations.

1. True
2. False

Question 25

Contracts made by mentally incompetenct persons can be void, voidable, or valid.

1. True
2. False

Question 24

A provision in a contract that specifies that a certain dollar amount is to be paid in the event of a future breach is called

punitive damages

nominal damages

liquidated damages

compensatory damages

Question 23

With accord and satisfaction,

the debtor offers to pay, and a creditor accepts, a lesser amount than the creditor originally claimed was owed

promises made in return for actions or events that have already taken place are void

none of the answers are correct

a person who has reasonably and substantially relied on the promise of another can obtain some measure of recovery

Question 22

When is delegation prohibited?

when performance by a third party will vary materially from that expected by the obligee

when the duties are personal in nature

all of the answers are correct

when the contract expressly prohibits delegation

Question 21

A contract that has not been fully performed is called a/an

executory contract

executed contract

res judicata contract

none of the answers are correct

Question 20

An offer may be terminated by which of the following ways?

death or incompetence of the offeror or the offeree

destruction of the subject matter of the offer

all of the answers are correct

lapse of time