1. Liquidated damages are damages that a. Fluctuate with market conditions b. Punish the breaching party, thereby incentivizing performance c. Are illegal d. Are an estimate of the damag

1. Liquidated damages are damages that
a. Fluctuate with market conditions
b. Punish the breaching party, thereby incentivizing performance
c. Are illegal
d. Are an estimate of the damages likely to be sustained from a breach
2. Which is not true?
a. Damages are awarded for whatever injury a non-breaching party suffers, whether or not the breaching party could have foreseen the injury.
b. Consequential damages are foreseeable damages that arise from a party’s breach of a contract.
c. Punitive damages are almost never available in contract disputes.
d. Normally, when a non-breaching party has been damaged by a breach of contract, he or she has a duty to mitigate those damages.
3. On January 1, Britta sends Jeff an offer via U.S. mail, which is received by Jeff on January 4. On January 3, Britta sends a revocation of the offer (again via U.S. mail), which was received by Jeff on January 6. Before receiving the revocation, Jeff sent an acceptance (using U.S. mail) on January 5. Do Jeff and Britta have a binding contract?
a. No, the mailbox rule applies here, and the revocation was therefore effective on the 3rd.
b. Yes, the acceptance was effective on the 6th once all correspondence was received.
c. Yes, the acceptance was effective on the 5th and formed a contract, and the revocation did not become effective until its receipt, which was on the 6th and too late because acceptance had already occurred.
d. No, the acceptance was effective on the 5th and formed a contract, but the revocation on the 6th negated the acceptance.
4. Tara raises horses and promised to give her best friend’s niece a pony. Tara advised the girl’s father, Jon, that he would need to enclose a section of his property to keep the pony safe and recommended a specific type of fencing. Jon bought the recommended materials and had the fence built on his property. Tara got in a fight with her best friend and now refuses to give Jon’s daughter the pony. Tara will be liable to Jon for the cost of fencing his property based on the theory of
a. Quasi contract
b. Substantial performance
c. Unjust enrichment
d. Promissory estoppel
5. Which of the following statements about exculpatory clauses is FALSE?
a. Exculpatory clauses are more likely to be found valid if both parties have equal bargaining power.
b. Exculpatory clauses can shift the risk of loss from a business to a consumer.
c. Businesses use exculpatory clauses to avoid tort liability.
d. Courts always construe exculpatory clauses in favor of the party who wrote them.

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