chp8

Question 1

Legal remedies are also called…?
APrivity
BRescission
CRestitution
DDamages

Answer 1

D- damages

Question 2

When a breach occurs before performance is due as a result of one party’s unequivocal intention not to substantially perform, it is known as…?
AAnticipatory Repudiation
BRestitution
CDamages
DRescission

Answer 2

a- anticipatory repudiation

Question 3

The legally justified cancellation and/or revocation of a contract and the return of the parties back to their original position is known as…?
ARescission
BRemedy
CSpecific Performance
DRestitution

Answer 3

rescission

Question 4

There are two types of rescission, mutual and unilateral…?
AT (True)
BF (False)

Answer 4

true

Question 5

Anticipatory repudiation is also known as…?
APrivity
BAnticipatory breach
CPunitive damages
DAnticipatory restitution

Answer 5

b anitcipatory breach

Question 6

A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as…?
ANovation
BPrivity
CStatute of Frauds
DStatute of Limitations

Answer 6

c statute of frauds

Question 7

Which of the following is an example of a defense for non-performance…?
AStatute of limitation
BDischarge of an obligation
CMutual mistake
DAll of the above

Answer 7

all of the above

Question 8

Valid contracts must have which of the following…?
ANovation
BPrivity
CConsideration
DNone of the above

Answer 8

consideration

Question 9

The ability to sue for the enforcement of the contract is known as…?
APrivity
BNovation
CRescission
DEnforceability

Answer 9

enforceability

Question 10

Which of the following contracts must be in writing…?
AThe sale of personal property valued over $500
BAgreement to answer for the debt of another
CTransfer of interest in real property
DAll of the above

Answer 10

all of the above

Question 11

Contracts that cannot be performed within 1 year of acceptance must be in-writing…?
AT (True)
BF (False)

Answer 11

true

Question 12

The statute of limitations for breach of an oral contract in California is…?
A2 years
B3 years
C4 years
D5 years

Answer 12

2 year

Question 13

The statute of limitations for breach of a written contract in California is…?
A2 years
B3 years
C4 years
D5 years

Answer 13

4 years

Question 14

The statute of limitations for adverse possession in California is…?
A2 years
B3 years
C4 years
D5 years

Answer 14

5 years

Question 15

A mutual rescission usually occurs when which of the following happens…?
ABoth parties are ready to perform
BThere is a mistake in the contract
CAn amendment was added to the contract
DAll of the above

Answer 15

there is a mistake in the contract

Question 16

The statute of limitations for trespassing in California is ………. years from the date the trespass is discovered?
A2
B3
C4
D5

Answer 16

3

Question 17

The statute of limitations for fraud in California is ……… years from the date the fraud was discovered?
A2
B3
C4
D5

Answer 17

3

Question 18

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as…?
APrivity
BNovation
CSubstitution
DAssignment

Answer 18

assignment

Question 19

One who assigns or transfers property is referred to as a/an…?
ATrustor
BAssignee
CAssignor
DTrustee

Answer 19

assignor

Question 20

Those whom property or interests therein shall have been transferred are referred to as…?
AAssignees
BTrustors
CAssignors
DTrustees

Answer 20

assignees

Question 21

Mutual relationship to the same rights of property or contractual relationship is known as…?
AJoint venture
BPrivity
CNovation
DAssignment

Answer 21

privity

Question 22

The relationship which exists between the persons who are parties to a contract is known as…?
APrivity of Contract
BNovation
CJoint Venture
DPrivity of Estate

Answer 22

privity of contract

Question 23

A mutual or successive right or interest in the same real property is known as…?
ANovation
BSubstitution
CJoint Venture
DPrivity of Estate

Answer 23

privity of estate

Question 24

the substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as…?
ANovation
BRestitution
CRescission
DPrivity

Answer 24

novation

Question 25

An equitable proceeding brought by a third party acting in the capacity of a stake holder wherein there are rival claimants to the same money and/or property requesting the court to determine such properties disposition is known as...? APrivity BNovation CInterpleader DRestitution

Answer 25

interpleader

Question 26

The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another is referred to as...? ARescission BRestitution CRemedy DDamages

Answer 26

damages

Question 27

Damages simply for the purpose of punishment are known as...? ARescission BPunitive Damages CRestitution DEquitable Remedies

Answer 27

punitive damages

Question 28

Remedies for the purpose of ‘fairness and justice’ are referred to as...? AEquitable Remedies BPunitive Damages CRestitution DRescission

Answer 28

eqitable remedies

Question 29

An action to compel performance of an agreement is known as...? ARescission BRemedy CSpecific Performance DRestitution

Answer 29

specific performance

Question 30

The sale of land as an alternative to damages or rescission is an example of...? ASpecific Performance BRestitution CAnticipatory Repudiation DPrivity

Answer 30

specific performance

Question 31

Legal remedies are also called...? APrivity BRescission CRestitution DDamages

Answer 31

damages

Question 32

When a breach occurs before performance is due as a result of one party’s unequivocal intention not to substantially perform, it is known as...? AAnticipatory Repudiation BRestitution CDamages DRescission

Answer 32

anticipatory repudiation