Question

69. The phrase “time is of the essence” in a contract means: a. parties must adhere to the time requirements b. time to complete the contract is important to the parties c. a Court will not make the parties adhere to the time requirements d. a Court will make the parties adhere to the time requirements e. a and b only f. a-b- and d only 70. A contract can be discharged because of “Impossibility” when: a. one person who is contracting decides to cancel b. one of the contracting parties dies c. the property which is the subject of the contract is destroyed d. all of the above e. a and b only f. b and c only TRUE/FALSE 71. A contract where a person promises to pay for the debt or default of another is called a “personal satisfaction contract”. 72. There is a duty to exercise reasonable diligence to minimize damages - this is referred to as “liquidated damages”. 73. When a person completes 85 % of the duties in a contract, that person could successfully use the argument that they “substantially performed”. 74. A standard form contract between two parties of unequal bargaining power is often referred to as an “output contract”. 75. If the parties agree on the amount of monies owed in a contract the debt is said to be liquidated. 76. A unilateral contract is one that is missing the one essential element of price. 77. All states in the United States have adopted statutory law that deals with the sale of goods and commercial transactions which is called the “Uniform Business Act”. 78. A serious communication with definite terms that creates the power of acceptance in an offeree is called a “quasi contract”. 79. A third party, not mentioned in a contract, could successfully recover damages from the contract if that third party was considered an “involved beneficiary”. 80. When one party makes a promise to enter into an agreement without receiving an expressed agreement by the other party, this is referred to as “bilateral” contract or agreement.

PLEASE ANSWER EACH OF THE FOLLOWING #69 through #80

Answer 1

Question	Option	Comments
69	A	A party's failure to meet the conditions of a "time is of the essence" provision amounts to a material breach of the contract. Time is of the essence is put when the timing of performance of the actions mentioned in the comtract is important.
70	F	Impossibility is when an act cannot be performed due to nature, physical impediments, or unforeseen events. It can be a legitimate basis to rescind (mutually cancel) a contract
71	FALSE	A personal satisfaction contract is one which the promisee makes a personal, subjective evaluation of the promisor’s performance. ◦ A court uses a subjective standard only if assessing the work involves feelings, taste, or judgment and the contract explicitly demands personal satisfaction. ◦ In all other cases, a court applies an objective standard to the decision.
72	FALSE	It is called Mitigation
73	FALSE	Substantial performance is sometimes enough to satisfy the terms of an agreement, as long as a an attempt in good faith at the performance was made and the variance in performance is not material breach of Contract. While 100% is not required in these cases, they still have to prove that they have performed in good faith
74	FALSE	it is called INEQUALITY OF BARGAINING POWERS
75	TRUE
76	FALSE	A unilateral contract is a contract created by an offer that can only be accepted by performance of the contract
77	FALSE	It is Uniform Commercial Code
78	FALSE	It is called offer and acceptance
79	FALSE	He is simply called "Third Party Benficiary"
80	FALSE	It is unilateral contract