Contract Damages likely IA

What type of contract involves obligations that are yet to be performed by one or both parties?

• Executed contract

• Executory contract

• Unilateral contract

• None of the above

What does "breach of contract" mean?

• When, with or without excuse, a party fails to perform their obligation

• When without lawful excuse a party fails or refuses to perform what's due from them under a contract

• Without lawful excuse not performing a contractual obligation, when it is due

• Failure to perform contractual obligation

Limitations on claiming damages for breach of contract do not include:

• Causation

• Remoteness of damage

• Mitigation of damage

• Fairness of damage

Damages for breach of contract can be claimed when the innocent party has suffered:

• More distress

• Mere inconvenience

• No loss

• All of the above

What is a common law remedy for termination of a contract?

• Injunction

• Termination of the contract

• Damages

• None of the above

What happens in the case of a breach of contract?

• Automatically terminates performance of the contract

• Automatically terminates the contract itself

• Gives the innocent party the right to terminate the contract

• Gives the innocent party the right to claim damages

Upon a breach of contract, what does mitigation of loss require the innocent party to do?

• Prevent the loss

• Care for the breach

• Communicate loss to the breaching party

• Minimize the loss or take steps to prevent further loss

When does an anticipatory breach occur? Whenever a contracting party informs the other party that......

• The contract is frustrated

• The contract will not be performed

• The contract may not be performed

• None of the above

What happens upon an anticipatory repudiatory breach?

• There is no duty to mitigate loss

• The innocent party must wait for the performance date to arrive

• The contract is terminated immediately

• There may be a duty to mitigate

What can the innocent party do upon a repudiatory breach of contract(breach of conditions)?

• Accept the breach and affirm the contract

• Reject the breach and terminate further performance of the contract

• Sue for damages

• Rescind the contract