CHAPTER 17 T - CHAPTER 17 T/F SELF TEST True/False Indicate...

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CHAPTER 17 T/F SELF TEST True/False Indicate whether the sentence or statement is true or false. T 1. Some of the remedies that an innocent party may utilize once a contract to which he or she is a party has been breached include damages, rescission, specific performance, and reformation. ANSWER: T 2. A breach of contract entitles the innocent party to sue for damages. ANSWER: T 3. Damages are designed to compensate a nonbreaching party for the loss of the bargain. ANSWER: T 4. Damages compensate a party for harm suffered as a result of another's wrongful act. T NOTES: REF: p. 315 T NOTES: REF: p. 315 T NOTES: REF: p. 315
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ANSWER: T 5. A breach of contract occurs only when a party fails to perform completely his or her obligations under the contract. ANSWER: T 6. The amount of damages on a breach of contract is the difference between the value of what was promised and the value of what was delivered or performed. ANSWER: T 7. The four broad types of damages in contract law are compensatory, consequential, punitive, and actual damages. ANSWER: T 8. The injury suffered by a nonbreaching party due to the breach of a contract may be remedied by payment of compensatory damages.
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