BREECH
The non-breaching party is required to reduce damages from the breach. What is the legal term for this?
What is Mitigate
Wallymart offers a 72" LED tv for sale for $250. It is regularly $750. The sale runs from January 3 through January 10th. On January 11th Mr. Rust goes to Wallymart to purchase the TV but he is denied the sale price. Mr. Rust sues and loses. The judge likely relied on what in making his/her decision?
What is the firm offer rule
T/F: The federal Electronic Signatures in Global and National Act was passed to protect consumers in electronic transactions.
What is True
Mr. Rust sells his house to Mr. Baugher in January. Mr. Baugher cannot move in until March. The contract specifies that Mr. Rust will pay 1/2 of the repair bill if any pipes freeze while the house is vacant. What is the legal term for this?
What is Consequential
When there is an agreement in the contract as to the amount of damages available. For instance, Mr. Rust sells his house to Dr. Langley. In the contract there is an agreement that if Mr. Rust is not moved out by February 1, he will pay $250 per day to Dr. Langley for temporary housing. What is the legal term for this?
What is liquidated damages
Mr. Rust takes out a loan to buy Mrs. Jones Tesla. Before the transaction can be made, the Tesla catches fire and is destroyed. Since Mr. Rust cannot find another Tesla for the same price, he sues Mrs. Jones for the difference. What is the legal term for this?
What is Consequential Damages
Article 2 of this code covers the sale of goods but not services. Article 2A covers the lease of personal property. What is the code?
What is Uniform Commercial Code
These contracts are formed through email/web conversations where the terms are finalized. The usual contract elements must exist for these to be enforceable.
What is this called
What is E-Contract
Mrs. Jones agrees to paint Mr. Rust's pole barn for $500. The contract states it must be completed within 3 days after she starts. On the first day, Mrs. Jones makes good progress but on day 2 & 3, a violent sand storm makes it impossible for her to finish. Mr. Rust agrees to change the contract and give her 3 additional days. What is this called?
What is Reformation
Mr. Rust borrows Mrs. Jones log splitter and chainsaw and then goes into a woods she owns and cuts firewood. He sells the firewood for $250 per wagon load. Mrs. Jones asks for part of the money and Mr. Rust refuses. Mrs. Jones sues and the judge orders Mr. Rust to give her 60% of the profits he earned, citing Mrs. Jones investment was greater than Mr. Rust's. What is this called?
What is a Quasi Contract