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Test 3

by: Jacqueline Gonzalez

Test 3 LSB 3213

Jacqueline Gonzalez
OK State

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About this Document

This is test 3 study guide
Business Law/Legal Environment
Study Guide
business, Law
50 ?




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This 1 page Study Guide was uploaded by Jacqueline Gonzalez on Tuesday April 19, 2016. The Study Guide belongs to LSB 3213 at Oklahoma State University taught by Morgan in Spring 2015. Since its upload, it has received 15 views. For similar materials see Business Law/Legal Environment in Business at Oklahoma State University.

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Date Created: 04/19/16
TEST #3 STUDY GUIDE These are the things you should be prepared to answer on the test: 1. Know what “Privity of Contract” is and what it means 2. Know what an Assignment is and how it is used in a contract 3. What are the types of remedies that are available when a contract is breached 4. Have a good idea about what a reformation of a contract and when it is used 5. Know what a penalty in a contract is and what it is designed to do 6. You should be very familiar with Compensatory damages 7. Know what an incidental beneficiary is and what rights they have 8. Be able to discuss incidental damages 9. Be able to discuss what Merchantable Goods are 10.Know about the concept of Economic Waste 11.Be able to recognize what a compromise is and when it is used 12.Know what “Statutes of Limitation” are 13.Know how a “Course of Dealing” can affect a Warranty 14.Discuss what the concept of “Impossibility” is in the context of breach of a contract 15.Know the difference between “Express Warranties” and “Implied Warranties” 16.Know what a “Settlement Agreement” is when a Breach of Contract occurs 17.Know what happens when rights under a contract are assigned unconditionally 18.Be able to discuss the Magnusson-Moss Act that deals with Warranties 19.Know the difference between statements of fact and “Puffery” 20.Be able to recognize the definition of a Warranty 21.Know what kinds of warranties there are 22.Be able to discuss what a waiver of rights in a contract is 23.Know what a Quasi-Contract is and when courts use it 24.Be able to identify “Punitive” damages and when they are used in a breach of contract action 25.Know what “Consequential damages” are when a contract is breached 26.Know the concept of “Specific Performance” and “Rescission/Restitution” remedies 27.Be able to discuss “Liquidated Damages” and tell what they are 28.Know what “Nominal Damages” and “Exemplary Damages” are 29.Be able to identify which actions do or do not discharge obligations under a contract 30.Know the definition of “Breach of Contract” 31.Identify what a “Novation” is in a contract 32.Discuss what an “Anticipatory Repudiation” is and how it is used in a contract 33.Be able to identify what “Substantial Performance” means 34.Know the difference between a “Condition Subsequent” and a “Condition Precedent” 35.Know what is the most common way to discharge a contract 36.Know what an “Intended Beneficiary” is 37.Know whether or not an assignment has to be written to be effective 38.Be familiar with what a Delegation of responsibilities is in a contract


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