ch15 - ch15 Student 1 Most contracts end in litigation True...

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ch15 Student: ___________________________________________________________________________ 1. Most contracts end in litigation. True False 2. If a time for performance is not stated in the contract, then the contract must be performed immediately. True False 3. "Time is of the essence" included in a contract makes the time period of utmost importance. True False 4. Unforeseen impediments in the performance of a contract would be covered by the force majeure clause. True False 5. Maria agrees to fix Amanda's hair to her "personal satisfaction". Amanda may be difficult to please as per her wishes. True False 6. The satisfactory performance by a car dealer of a contract for the purchase of a new car would be judged by an objective standard. True False 7. Completing a contract for a $10 million building but failing to install an electrical outlet in one room would be an example of substantial performance. True False 8. Promising to pay when goods are delivered is an example of a condition subsequent. True False 9. Nancy decided to buy a piece of land from Joe and it was contracted that Nancy would be given the title papers after Joe has received the money from Nancy's bank. Joe gets his money after 2 days but he does not give the title deed to Nancy. Tender of payment by Nancy will enable her to sue Joe. True False 10. Parties to a contract may stipulate the conditions that will discharge them from the contract. True False 11. Nancy contracts to purchase Wilma's horse for $10,000. The horse had died before the contract was entered into. Nancy will still be obligated to pay for the horse. True False
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12. On June 30 Kincaid rents a hotel room for July 4 with a view of the park where a fireworks display is to be held. The hotel owner knows why Kincaid rented the room but the fireworks display is cancelled due to rain. Kincaid will not be obligated to pay the rent. True False 13. Due to factory spoilage of flu vaccine, Adams Company has only one tenth the anticipated amount of dosages with which to fulfill its contracts. This situation can be resolved with the commercial impracticability doctrine. True False 14. The statute of limitations under the UCC for sale of goods contracts is five years. True False 15. Worldview Inc. entered into a contract with Mark to renovate his bungalow. After they had begun the work, there was an increase in the price of paint and labor charges. Worldview stopped the work saying that it will face financial difficulties due to the price rise. This is a constructive breach of contract. True False 16. An anticipatory breach occurs when a party to a contract expresses or clearly implies an intention not to perform to contract after being required to act. True False
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This note was uploaded on 06/13/2011 for the course ACC online taught by Professor Prof during the Spring '10 term at Seton Hall.

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ch15 - ch15 Student 1 Most contracts end in litigation True...

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