Chapter 12- Contract Defenses, Discharge, and Remedies

Chapter 12- Contract Defenses, Discharge, and Remedies -...

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Chapter 12- Contract Defenses, Discharge, and Remedies T RUE -F ALSE  Q UESTIONS         1. Complete performance occurs when a contract’s conditions fully occur.         2. A material breach of contract does not excuse the nonbreaching party from further performance.         3. An executory contract cannot be rescinded.         4. Objective impossibility discharges a contract.         5. If a contract does not require a certain time for performance, a reasonable time will be implied.         6. Damages are designed to compensate a nonbreaching party for the loss of a bargain.         7. Liquidated damages are uncertain in amount.         8. On a breach of contract, a nonbreaching party has a duty to mitigate damages that he or she suffers.         9. Consequential damages are foreseeable damages that arise from a party’s breach of a contract.         10. Specific performance is the usual remedy when one party has breached a contract for a sale of goods. M ULTIPLE -C HOICE  Q UESTIONS           1. Adam contracts with Beth to deliver Beth’s goods to her customers. This contract will, like most  contracts, be discharged by 
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This note was uploaded on 02/27/2011 for the course ACCT 2050 taught by Professor None during the Spring '11 term at Algoma University.

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Chapter 12- Contract Defenses, Discharge, and Remedies -...

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