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problem 1: This method of discharge includes making minor changes to the terms of a contract and providing fresh consideration:

a. Condition precedent
b. Rescission
c. Variation
d. Novation

problem 2: Discharge by frustration happens when the frustrating event occurs after the contract was made and external circumstances:

a. Create unforeseen hardship on one or both of the parties.
b. Make performance impossible to do. 
c. Undermine the purpose of the contract in that performance would mean something much different than originally intended by the parties.
d. Both b and c.
 
problem 3: This type of breach occurs when one party does not properly perform an obligation under a contract, either to a small degree or a large degree:

a. Express repudiation
b. Implied repudiation
c. Self-induced impossibility
d. Failure of performance

problem 4: This remedy for breach compensates the victim for the time, effort, and expenditure wasted in preparation for performance of the contract:

a. Reliance damages
b. Expectation damages
c. Account of profits
d. Nominal damages
 
problem 5: This remedy requires payment of a reasonable amount to cover work done, even though there was no agreed upon sum or the work is less than what was contracted for:

a. Specific performance
b. Injunction
c. Rescission
d. Quantum meruit

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M97140

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