Damages awarded to place an injured party in the same position they would have been in had the contract been fully performed is called
promissory damages.
actual damages.
nominal damages.
punitive damages.
Specific performance is the opposite of
the duty to perform.
an injunction.
novation.
rescission.
If a party in breach of contract is ordered by the court to fulfill their contractual obligations, an action for _____ has been filed.
negligent representation
reformation and reconstitution
specific performance
restitution and rescission
Including a "time is of the essence" clause in a contract means that:
Failure to meet deadlines will result in total breach of contract.
The contract must be carried out in 30 days.
The deadlines have already passed and damages may be imposed regardless of further action on the part of the other party.
The contract remains enforceable as long as fulfillment occurs within a reasonable time of the date specified.
When a purchaser returns possession and title of the land to the seller in exchange for the seller returning the purchase price paid, minus reasonable rent for the period the purchaser was in possession of the property, a remedy known as ________ has been imposed.
general damages
specific performance
liquidated damages
rescission and restitution
The real estate market is rapidly increasing in value. James agrees to sell his property to Andrew for the price of $250,000. By the date of closing, James concludes that his property is worth $290,000 and refuses to close the transaction. If Andrew really wants this house, his best remedy is to bring a court action for
rescission.
specific performance.
foreclosure.
damages.
Which one of the following statements about a total or partial breach of contract is NOT correct?
A partial breach of contract results in all further contract performance duties being discharged
The more material the breach, the more likely it will be deemed a total breach
The difference between a total breach and a partial breach is based on the severity of the breach
If the breach is total, a contract can be terminated, and damages may result
Which of the following is not an example of a breach of contract by a real estate agent?
Failing to get the best price for a house
Disclosing personal information about their client
Failing to market a house correctly
Failing to obey a request from their client that may be illegal
When a contract is interpreted and clarified by a court when the contract incorrectly expresses what the parties intended, this is known as
Restitution of contract
Ratification of contract
Reformation of contract
Rescission of contract
What happens when a court orders rescission and restitution as a breach of contract remedy?
All parties are restored to their pre-contract state
The breaching party is fined
The original contract is replaced with a new contract
Damages are awarded to both parties
