Question

Quasi contract is often used as a remedy when one party has partially performed and the other party refuses to pay.

Select one:

True

False

Compensatory Damages give the non breaching party the difference between the value of the promised performance and the value of the performance received.

Select one:

True

False

In a contract for a sale of goods, the usual measure of compensatory dam­ages is the difference between the contract price and the market price.

Select one:

True

False

In a contract for the sale of land, if the buyer breaches, the seller's remedy is specific performance.

Select one:

True

False

Specific Performance is often a remedy when one party fails or refuses to work for another.

Select one:

True

False

Answer 1

Answer 1: True

EXPLAINATION:Doctrine of quasi contract provides for legal obligations under which law considers that the party accepting the benefits has made an implied promise to pay for them.

In words Quasi contract is often used as a remedy when one party has partially performed and the other party refuses to pay.

Answer 2: False

EXPLAINATION: As compensatory damges giveb as :

Value of performance as promised - value of the performance actually rendered - value of any loss avoided (mitigated) + incidental damages = compensatory damage.

Answer 3:True

EXPLAINATION:In a contract for the sale of goods, the usual measure of compensatory damages is an amount equal to the difference between the contract price and the market price.

Answer 4: True

EXPLAINATION:the remedy for a seller's breach of a contract for sale of land is specific performance (buyer is awarded the parcel of property).

Answer 5:True

EXPLAINATION: Specific Performance is often a remedy whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract