Question 76) Jana finds a home priced at $180,000 that she would like to buy. She is

76) Jana finds a home priced at $180,000 that she would like to buy. She is

concerned, however, about her ability to get a loan. Accordingly, she and

the seller reach agreement that Jana will buy the home if she can get a loan

for $180,000 within 45 days. What type of condition is this agreement?

a. An express condition.

b. A concurrent condition.

c. A condition precedent.

d. a and c.

e. a, b, and c.

77) When an employee breaches a fixed-term employment contract by quitting

before the end of the term, what can the employer recover as damages?

a. All amounts already paid to the employee under the contract.

b. Nothing, because courts do not order anyone to perform a job against his or

her will.

c. Only specific performance.

d. Only amounts paid to the employee for which the employee has not yet done

the work.

e. The costs of hiring a replacement employee plus any increase in salary paid

to the replacement employee.

78) The doctrine that places a duty on a non-breaching party to take reasonable

steps to reduce damages is called:

a. garnishment.

b. mitigation.

c. liquidation.

d. avoidance.

e. reciprocal duties.

79) Alice has a contract with a surgeon to have a medical procedure performed

on July 17. The surgeon notifies Alice on July 5 that he is in the Bahamas

and will be there until the end of August and will not be able to do the surgery. Which of the

following is true at this point?

a. Alice must give the surgeon 90 days in which to schedule the surgery after

July 17.

b. There will be no breach until July 17.

c. If Alice contracts with another surgeon prior to July 17, and this second surgeon is aware of Alice’s original contract, the second surgeon has no obligation to perform.

d. Alice must wait until July 17, and if the surgeon does not perform the procedure, then Alice can contract with another surgeon.

e. Alice is free to contract with another surgeon.

80) A construction contractor entered into a contract to build a family room addition onto

Harry’s home for $25,000. In order to encourage timely performance, the agreement provided

that the contractor would be penalized $5,000 as liquidated damages for each day that the project

was late in getting finished. The contractor was 30 days late in finishing the project, but

otherwise met the terms of the agreement. What is most likely in this situation?

a. The liquidated damages clause would not be enforced due to its being excessive.

b. The liquidated damages clause would not be enforced because the parties

made a mutual mistake about when the contract would be finished.

c. The liquidated damages clause would be enforced only if it can be shown that the contractor has made that much in profits over the past six months.

d. The liquidated damages clause would be enforced.

e. The liquidated damages clause would be limited to $25,000, the amount of the contract price.

81) The highest price paid to date for the purchase of a domain name has been

to purchase:

a. www.wine.com.

b. www.wallstreet.com.

c. www.sex.com.

d. www.rockandroll.com.

e. www.drugs.com.

82) Under the Uniform Computer Information Transactions Act, what is the effect

of putting additional terms into an acceptance delivered through an electronic agent?

a. The acceptance is treated as a counteroffer.

b. The additional terms are ignored and a contract is formed based on the original terms.

c. The acceptance is treated as a rejection.

d. The acceptance is treated is if it never occurred, leaving the original offer

open.

e. The additional terms become part of the agreement unless objected to within

10 days.

83) Licensing of informational rights can usually best be described as:

a. granting any rights to use the information, which can differ greatly

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