1. Which of the following is the proper legal remedy to be availed by the buyer if the seller committed a breach of contract of sale of specific thing by non-delivery of the subject matter to the buyer? Group of answer choices File an action for specific performance or exact fulfilment plus damages File an action for reformation of instrument plus damages File an action for annulment of contract of sale plus damages File an action for declaration of nullity of contract of sale plus damages

1. Which of the following is the proper legal remedy to be availed by the buyer if the seller committed a breach of contract of sale of specific thing by non-delivery of the subject matter to the buyer? Group of answer choices File an action for specific performance or exact fulfilment plus damages File an action for reformation of instrument plus damages File an action for annulment of contract of sale plus damages File an action for declaration of nullity of contract of sale plus damages

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Legal Liability

Section: Chapter Questions

Problem 11CYBK

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92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments
87. The seller in an auction sale employed a by-bidder or pupper who bid in behalf of the seller for the purpose of raising the auction price. The seller employed the said by-bidder or pupper without notice to the bidder. What is the possible effect of such non-notification committed by the seller to the perfected contract of sale by auction with the highest bidder? Group of answer choices a. It makes the contract of sale rescissible. b. It makes the contract of sale voidable. c. It makes the contract of sale unenforceable. d. It makes the contract of sale void.
In order to say that the buyer is insolvent in order for the seller to exercise his right to stoppage in transitu, such insolvency should be judicially declared. True or False
Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.
4. An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract. True or False
Which of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matter
Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choices
Either party can choose to the contract in cases where both partiess to a contract are mistaken about either a current or a past material fact. O Refute O Confirm Rescind O Disclaim O Uphold
The duty owed under the mitigation of damages doctrine depends on the nature of the breached contract.
the effect of the doctrine of privity of contract is that a. a person who is not a party to a contract cannot obtain benefits or rights under it b. a unilateral contract is unenforceable against parties who have privity c. parties to a contract are protectred by the law d. a person can obtain rights under a contract for which he or she is not a party
Which of the following is true? B. The agent is expected to carry out an agency although its execution would manifestly result in loss or damage to the principal. D. Agency is presumed to be for a compensation, unless there is proof to the contrary. A. The contract of agency is extinguished by the insanity of the agent but not of the principal. C. Two persons authorizing an agent to sell a property on their behalf are liable jointly to the agent.
Similar to a like-kind exchange, the receipt of “boot” under Sec. 351 can cause loss to be recognized. Question 4 options: True False