Contract Law Goals and Reps & Warranties Quiz
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Questions and Answers

In common law, what are representations?

  • Memorializing the business deal
  • Promises made that the statement is true
  • Statements of a past or present fact intended to induce reliance (correct)
  • Liability regime and risk allocation

    • What are the requirements to sue for fraudulent misrepresentation?

  • The seller had to know the statement was false, the buyer had relied on it, and the reliance was unjustifiable
  • The seller had to believe the statement was true, the buyer had relied on it, and the reliance was justifiable
  • The seller had to know the statement was false, the buyer had not relied on it, and the reliance was justifiable
  • The seller had to know the statement was false, the buyer had relied on it, and the reliance was justifiable (correct)

    • What are the usual remedies for innocent and negligent misrepresentation?

  • Avoidance (cancel the contract) and retention of benefits
  • Restitution (compensation) and retention of benefits
  • Avoidance (cancel the contract) and restitution (compensation) (correct)
  • Retention of benefits and suing for damages

    • In civil law, what is the requirement for both reps and warranties?

    <p>Both require knowledge (the recipient has to have relied on it) (A)</p> Signup and view all the answers

    What is the purpose of reps and warranties in contracts?

    <p>To set out a liability regime and allocate the risks (A)</p> Signup and view all the answers

    What is the purpose of a materiality qualifier in a qualified representation and warranty?

    <p>To allow for flexibility and recognize that not every minor deviation should give rise to a breach (B)</p> Signup and view all the answers

    What is the function of a knowledge qualifier in a qualified representation and warranty?

    <p>Limits the representation to the knowledge of the seller (C)</p> Signup and view all the answers

    What is the purpose of a covenant in a contract?

    <p>To create a duty to perform or not perform something (A)</p> Signup and view all the answers

    What distinguishes a condition precedent from other types of conditions in a contract?

    <p>It is an event or condition that must occur before a party's obligation to perform arises (C)</p> Signup and view all the answers

    How does a cap limit the liability in a contract?

    <p>By setting a maximum amount for which a party is liable (D)</p> Signup and view all the answers

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