Question 16 of 20 100 points according to the

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Question 16 of 20 10.0 Points According to the Missouri Bar Center, list three differences between a limited liability company and a corporation. Comment: No response Question 17 of 20 10.0 Points According to the Judicial Education Center, what are five defenses to a breach of contract claim. Provide examples of each.
• The contract lacks consideration. Example: Tom promises to give $20 to Dan, but Dan does not have to do or give anything in return. • The contract was obtained by fraud. Example: Blue Company refuses to sell to Red Company, so Red Company sends Pink Company to buy goods from Blue Company and turn them over to Red Company. • The contract limits the amount of damages that can be recovered. Example: The contract states that in the event of a minor breach, the damages will be $100 regardless of the actual loss. • The contract contains a mutual mistake, stating something different from what either party intended. Example: Both parties intended a delivery date of March 15, but the contract says April 15. • The contract contains a unilateral mistake that was material to the agreement and the other party knew or should have known of the mistake. Example: Maria paid Tom a lot of money for a painting signed “Picasso.” Tom knew that Maria thought Pablo Picasso painted it, when really Arnold Picasso was the painter, but Tom did not
correct the misunderstanding. • The parties have accepted the contract performance, or a substitution for the performance, as adequate. This is called accord and satisfaction. Example: Tim owes Frank $100 on a contract debt. Frank agrees to accept a radio worth $50 in exchange for discharging the debt. When Frank changes his mind and sues for the additional $50.00, the Court will not enforce the original contract because Frank has accepted the radio as performance of the contract. • One (or both) of the parties lacked capacity to make the contract. Example: A party to the contract is 16 years old or is mentally incompetent.

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