1 / 19

Comprehensive Review of Business Law Contracts and Obligations

This review covers topics such as delegation of duties, mitigating damages, anticipatory breach, remedies for breach, discharge of contractual obligations, and more. It clarifies various legal concepts and principles in business law.

cillian-arvey
Download Presentation

Comprehensive Review of Business Law Contracts and Obligations

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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)

More Related