BUSN 420 Week 4 Quiz

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Week 4 : Contracts: Defenses, Breach, and Remedies Quiz

Grading Summary

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Date Taken:
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Question Type:
# Of Questions:
Multiple Choice
10

Grade Details All Questions

3/27/2015
47 min , 01 secs
20 / 20 (100%)
# Correct:
10

Question 1. Question :

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(TCO 4) Mikayla enters into a contract with Logan to provide

surface material for Mikaylas tennis courts by April 1 for a
tournament to begin May 1. The contract specifies an amount to be
paid if the contract is breached. This is a liquidated damages
clause if the amount is
an excessive estimate of the loss on a breach.
a reasonable estimate of the loss on a breach.
designed to penalize the breaching party.
intended to quickly provide cash to the non-breaching party.
Page 327
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(TCO 4) Karson orally agrees to pay Jaime to plant and harvest a

quarter of Karsons farm acreage for four corn-planting seasons.
After Jaime prepares the land and plants the first crop, Karson says
that their deal is off. Jaime can most likely recover
in quasi contract.
in reformation.
in restitution.
on the parties existing contract.
Page 333
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(TCO 4) Reel Graphics, Inc. agrees to assume a debt of Suave

Marketing Company to Town Credit Union. This promise is for
Reels benefit. To be enforceable, the promise
must be in writing.
must be in writing only if the debt is valued at $500 or more.
must be in writing only if the debt will not be repaid within one
year.
need not be in writing.
Page 295

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2 of 2

(TCO 4) Lark enters into a contract to mine gravel in Milenas

quarry, sell it, and share the profits on its sale with Milena. If the
duties under this contract are discharged like those under most
contracts, the duties will be _____.
repudiated
breached
performed
rescinded
Page 307
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(TCO 4) Pure Oil Company enters into a contract with QuikBilt,

Inc., to construct an oil pipeline to withstand specific conditions. If
QuikBilt fails to meet this standard, which is construed as a breach
of contract and a breach of a duty of care, Pure might be awarded
punitive damages to
establish, as a matter of principle, that QuikBilt acted wrongfully.
provide Pure with funds for a foreseeable loss beyond the contract.
provide Pure with funds for its loss of the bargain.
punish QuikBilt and deter others from similar acts.
Page 325
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(TCO 4) Lou and Mira want to rescind their contract under which
Lou sold an MP3 player to Mira for $50. To rescind the contract
Lou must return the $50 and Mira must return the player.

Lou must return the $50 only.

Mira must return the player only.
the parties can keep the benefits of their bargain.
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Page 329
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(TCO 4) Pablo and Melia enter into an oral contract for Pablos
sale to Melia of a laptop computer for $400. Assuming the terms
can be proved, the contract is enforceable by
the seller or the buyer.
the manufacturer of the laptop.
any third party who overheard the parties making the agreement.
None of the above.
Page 296
2 of 2

(TCO 4) Timber, Inc., and Wood Corporation enter into an oral

contract for the sale of a lumber mill and the land on which it is
situated from Timber to Wood. Under the Statute of Frauds, this
contract is enforceable by
the seller.
the buyer.
any interested third party, such as the mortgagee or title company.
None of the above.
Page 292
2 of 2

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(TCO 4) Pete, the owner of Quality Orchards, contracts to sell

fruit to Ripe Produce, Inc. When Pete refuses to perform, Ripe
Produce files a suit to enforce the contract. To defend successfully
on the ground of unconscionability, Pete must show that
enforcement of the contract would be
economically meaningless.
legally worthless.
manifestly unfair or oppressive.
undeniably valuable.
Page 287
2 of 2

(TCO 4) Sid induces Ty to enter into a contract for the sale of a

warehouse about which Sid fraudulently misrepresents a number
of material facts. Sid also tells Ty that his commission is 6 percent,
but their signed, written contract states 12 percent. The parol
evidence rule governs
contracts that are induced by fraud.
contracts that must be in writing to be enforceable.
the admissibility in court of oral evidence.
the reformation of oral and written statements into one contract.
Page 299
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