1) Equitable remedies are _____.
2) Suppose that Jeremy agrees to pay Shelly $50 a month for 4 months to tutor him for his legal studies class. However, Jeremy breaches the contract and terminates Shelly for no reason other than the fact he wanted a more attractive tutor. Shelley had two months left on the contract and could not find another tutoring job for those two months. How much is compensatory damages would Shelley be entitled to?
3) Which of the following statements is false concerning liquidated damages?
4) Which of the following statements is false regarding compensatory damages?
5) Suppose KJI Inc. had contracted to buy 20 shirts from XYZ Shirt Retailers at $14 each and will sell the shirts at $25 each. XYZ fails to deliver the shirts and not ABC has to buy the same shirts for $17 each. If KJI brings a case against XYZ, the probable measure of recovery will be _____.
6) Suppose a construction company enters into a contract to build a warehouse for the hypothetical Vincent Corporation with a contract price of $700,000, and the cost of raw materials and labor is $400,000. How much could the construction company recover in lost profits if the Vincent Corporation were to breach the contract before performance had begun?