UST BLAW Exam 3 (A+ GRADED)

a. provide the nonbreaching party with money damages equal to the losses actually sustained. correct answers The purpose of compensatory damages is to: a. provide the nonbreaching party with money damages equal to the losses actually sustained. b. punish the breaching party severely enough to ensure such behavior is unlikely to occur again. c. provide the breaching party with a way to mitigate damages. mand the breaching party c. must perform under the contract within a reasonable time. correct answers Cole and Lindsay agree that Cole will paint the exterior of Lindsay's house. Neither of them ever mentions when Cole is to do the work. Cole now a. must begin the work immediately. b. has no obligation to paint the house, because without a time set for performance Cole and Lindsay do not have a valid contract. c. must perform under the contract within a reasonable time. d. must complete the painting within thirty days. c. before performance is due, one party state that they refuse to perform, or that they are unable to perform. correct answers Anticipatory repudiation often occurs when a. one party experiences a sudden increase in business that makes it worthwhile to drop an existing, valid contract. b. one party to the contract dies. c. before performance is due, one party state that they refuse to perform, or that they are unable to perform. d. a discharge by agreement is fully accepted. b. is a novation correct answers Aidan and Oscar form a contract under which Oscar is to perform gardening services for Aidan for eleven months. For six months, Oscar performs the services, and Aidan pays him. Aidan's mother, Mary, becomes ill and is unable to care for her garden. Aidan, Oscar and Mary agree that Oscar will no longer care for Aidan's garden but instead will care for Mary's garden for the remainder of the year, and the Mary will pay Oscar, not Aidan. The new contract a. has been substantially performed. b. is a novation. c. is not valid. d. is a reformation c. acted in good faith and his performance created substantially the same benefits as those promised in the contract correct answers Jonah agrees to build a house for Beth. He fails to completely perform the contract, and Beth refuses to pay him. Jonah may be able to recover payment from Beth if he a. completed whatever he could within the time allowed by the contract.