Question
Answer the questions below and submit the completed Quiz to the Assignment in Block 4 no later than 11:55 p.m., Monday, 3/26/18.This Quiz must be file-named pursuant to the Submitting Drafts policy or it will not be accepted.USE COMPLETE SENTENCES and otherwise comply with the Submitting Drafts and Writing Standards in the Moodle Course Information Block. Use the Block 9 Forum for any questions. This is an open-book assignment with 10 questions worth 10 points per question for a 100 point total Quiz grade.
What is the term of art that describes the parties to a contract having completed all of the parties’ respective obligations under the contract? What is the term of art for failure to perform under the contract?
Answer
Term for completing all obligations is called Performance of contract Term for Failure to perform Obligations is called Breach of contract
- With respect to the performance stage of a contract, assume I have contracted with you to pay you $5,000.00 for which you will deliver 500 widgets to me. What kind of duty is the payment of the $5,000? Assume the same set of facts and question except that the $5,000.00 will be paid only if I can get a loan from BB&T?
Answer
In the first part the duty for the payment is called condition subsequent.In the second part the duty for obtaining the loan before payment is condition precedent.
What are the two general classifications of conditions? Give an example of each.
Answer
The two general classifications for conditions are Condition precedent and Condition subsequent.
Answer
Example for condition precedent is that A contracts to purchase a house form B only if she is able to get a loan from C.Example for condition subsequent is that A promised to pay B $100 for his guitar. The guitar was provided to A by B when $100 was given.
- Define the term of “excuse of conditions.” Give one example of an excuse of conditions.
Answer
Excuse of condition takes place when the occurrence of the condition is no longer required for the party to perform the obligation under the contract. An example where condition is excused is that a person who has a conditional duty gives up the rights in relation to the condition voluntarily or the condition is waived as it was done in the case of Harbor Park Market v. Gronda.
- What are the two standards of performance with respect to the fulfillment of a contract? Give an example of one of the standards.
Answer
The two standards of performance in relation to fulfillment of a contract are Strict performance standard and Substantial Performance standard.Example- strict performance standard occurs when a buyers agrees to finalize a deal by 3rd January 5pm. If the deal is not finalized within time then the buyer has no rights against the seller. Substantial performance standard takes place when A built a house for B. all terms of the contract was met except to fit in a glass door. Here A is discharged and B can pay fewer prices to A for the glass door not being installed.
- What is the difference between material and nonmaterial breach of contract in terms of definition, effect of breach and remedies?
Answer
Both material and non material breaches provided some rights to the aggrieved party to make a legal claim. However a material breach is of a more serious nature. A non material breach is of a less significant nature. In case of a non material breach the contract is discharged by performance and a party may make a claim for damages for losses incurred. However in case of a material breach the aggrieved party may end the contract as well as claim damages for any losses which have been incurred.
- With respect to the facts in Question 2, assume the following: 1) there is no condition about a BB&T loan; 2) the contract specifies green widgets; 3) there is an inscription on the widgets that say “Happy April Fool’s Day;” 4) the widgets must be delivered by March 25, 2018. You deliver me blue widgets on April 5, 2018. Are the breaches material or nonmaterial? Why?
Answer
The breach in this case is a material breach. This is because it important for the other party to have Green Widgets and Blue widgets having inscriptions may not be of any use. In additio the widgets may have been required to be sold to another party on 26th march. It was clearly stated in the contract that the widgets “must” be delivered by 25th march which was not. Thus the breach is of a serious nature and is a material breach.
- Assuming the facts in Question 7, do you have any remedies for that part of the contract that you have partially performed? What are they and why?
Answer
Yes, for the partially performed part in relation to the contract I have the remedy of restitution. The remedy is available when a party has suffered any loss and is provided to compensate the party for the loss. I will be given the remedy as I have supplied widgets to you.
- Assuming the facts in Question 7, assume further that your widget factory was attacked and totally destroyed by space aliens on March 20, 2018. My widgets were destroyed in the attack. Do you have common law and UCC excuses for nonperformance. If so, what are they? Cite to authority in Bluebook format.
Answer
Yes I have a common law excuse for non performance which is that of impossibility as I have no possible means to supply the widgets as they have been destroyed by situation which was not within my control.In addition under the UCC I have the excuse of impartibility has the performance of the contract has become highly impractical.
- Assuming the facts in Question 7, do I have legal and equitable remedies that I may pursue for breach of the contract? Which specific remedies and why? If you identify money damages as a remedy, what specific kind?
Answer
Yes, I have legal remedy for the breach of contract. I may obtain money damages for any loss which has been incurred by me. Specifically I may claim Compensatory damages to compensate me for the losses which have been incurred due to the breach. I may also obtain punitive damages where I can show that the act has been done by you intentionally.
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