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Questions and Answers
What is rescission in the context of breach of contract?
What is rescission in the context of breach of contract?
- It is a specific performance remedy for breach of contract.
- It is termination of contract that returns parties to their original positions. (correct)
- It is compensatory damages awarded by the court.
- It is a provision in the contract for liquidated damages.
What are liquidated damages?
What are liquidated damages?
- Damages awarded without any agreement between parties.
- Amount of money agreed to in advance in the contract. (correct)
- A remedy for breach of contract that allows suing for more than agreed sum.
- Damages that compensate for losses incurred.
Which of the following is true about liquidated damages?
Which of the following is true about liquidated damages?
- They can be awarded in addition to compensatory damages.
- They are determined by the court after a breach of contract.
- They are usually not specified in the contract.
- They limit the party's ability to sue for more than the agreed sum. (correct)
What do compensatory damages aim to do?
What do compensatory damages aim to do?
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In real estate transactions, what is often treated as liquidated damages for the seller?
In real estate transactions, what is often treated as liquidated damages for the seller?
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Can parties agree to rescission without court intervention?
Can parties agree to rescission without court intervention?
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What is the most common remedy for breach of contract?
What is the most common remedy for breach of contract?
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What is the legal status of a void contract?
What is the legal status of a void contract?
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In the context of contract assignment, when can a contract be assigned without permission?
In the context of contract assignment, when can a contract be assigned without permission?
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What is required for novation to occur between parties?
What is required for novation to occur between parties?
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