Business Law Chapter 6

The court will not rule on when a contract must be completed if time for performance is unspecified.

• True

• False

The doctrine of substantial performance is often applied to construction contracts. ____ 3. Ending a contract by mutual release is not allowed by law.

• True

• False

Ending a contract by mutual release is not allowed by law.

• True

• False

The destruction of the subject matter needed to perform the contract, through no fault of either party, discharges that contract.

• True

• False

A person may win a lawsuit for fraud even if no loss is suffered.

• True

• False

You have a right to sue a person who breaches a contract made with you.

• True

• False

When actual physical force is used to cause another person to enter a contract, the contract is void.

• True

• False

When a bilateral mistake is made, neither party may void the contract.

• True

• False

A legal means for enforcing a right or correcting a wrong is called a remedy.

• True

• False

When you win a lawsuit and collect thousands of dollars beyond what you actually lost, you have received bilateral damages.

• True

• False