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Business Law

Review for Chapter 11. Business Law. A duty can be delegated but a right cannot be transferred. TRUE or FALSE. To mitigate damages is to increase them. TRUE or FALSE. Prior notice of a breach is called anticipatory breach. TRUE or FALSE. Anticipatory breach can help to reduce damages.

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Business Law

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  1. Review for Chapter 11 Business Law

  2. A duty can be delegated but a right cannot be transferred. • TRUE or FALSE

  3. To mitigate damages is to increase them. • TRUE or FALSE • Prior notice of a breach is called anticipatory breach. • TRUE or FALSE

  4. Anticipatory breach can help to reduce damages. • TRUE or FALSE • Anticipatory Breach releases the breaching party from any liability. • TRUE or FALSE

  5. When a contract is breached, the damages should be mitigated. • TRUE or FALSE • The right to sue for breach cannot be waived. • TRUE or FALSE

  6. Completion • Contract rights can be transferred by • Assignment • An agreement to perform a new act to satisfy an existing contractual duty is • Accord

  7. Completion • Requires a party of a contract to return goods given to them • Restitution • Relief given to an innocent party of a breached contract is • Remedy

  8. Completion • Damages specified in a contract that will be paid upon breach. • Liquidated • A transfer of contractual duties. • Delegation

  9. Completion • The delegator is also the • Obligor • The person owed a right in a bilateral contract is the • Obligee

  10. Completion • The act of discharging one party by accepting the performance of another party • Novation • An equitable remedy that calls for the completion of the contract • Specific Performance

  11. Completion • Party seeking specific performance must be blameless • Clean Hands • A small award given when there is no actual injury • Nominal Damages

  12. TRUE or FALSE • The recovery of money or property by an injured party is called restitution. • TRUE or FALSE • Liquidated damages can be for any amount as long as it is agreed upon by both parties. • TRUE or FALSE

  13. Completion • The cancellation of a contractual obligation is known as: • Discharge

  14. Completion • The 4 categories that define discharge of contractual obligations: • By performance • By mutual agreement • By impossibility of performance • By operation of law

  15. Completion • When parties decide that the original contract is not what they want, they create another known as: • Substitution

  16. Completion • What is a common reason for not allowing the transfer of a certain right or delegation: • Unique personal skills

  17. Completion • A remedy for breach of contract where a court attempts to prevent the breaching party from wrongfully injuring another party: • Punitive damages

  18. True or False? • A minor breach does not require the injured party to perform any longer? • False

  19. True or False? • A remedy meant to provide for foreseeable future damages to the injured party are known as compensatory damages • False (consequential)

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