Business Law - #11 Contractual Obligations/Enforcement

The party transferring a right in an assignment is called the

• assignee

• assignor

• obligor

An assignment has to be supported by consideration.

• True

• False

Which of the following is the most frequent cause of a discharge of all contractual duties?

• complete performance

• major breach

• accord and satisfaction

If the contract creating the rights prohibits assignment, the parties may still assign them.

• True

• False

An agreement in which the parties agree to substitute one obligor for another and to release the original obligor from her or his contractual obligations is called a(n)

• novation

• substitution

• accord

If a valid tender of money to pay a monetary debt under a contract is rejected, the debt is discharged.

• True

• False

A condition requiring a purchaser to render the purchase price at the same time the seller renders the goods is called a condition

• negative

• concurrent

• precedent

• none of the above

If a court orders the breaching party to do exactly what was required under the contract, it has utilized the remedy of

• liquidated damages

• restitution

• specific performance

If liquidated damages clause is excessive, the clause will not be enforced and the injured party only can collect by proving other money damages.

• True

• False

Specific performance will be granted if

• money damages are an adequate remedy

• the subject matter of the contract is unique

• the duty to be performed is difficult for the court to supervise

• any of the above