17 When time is stated to be “of the essence” in a contract a.performance must t

Question

17 When time is stated to be “of the essence” in a contract

a.performance must take place within a reasonable time.

b.this means that time is a contract condition that must be strictly complied with.

c.this means that performance must be completed within the limits specified by the UCC.

d. has been construed to mean that delay, unless unreasonable, will not eliminate a party’s right to payment.

18.If, before either party to a contract has a duty to perform,one of the parties refuses to perform

a.the non-breaching party must remain ready to perform for a reasonable time.

b.the non-breaching party must perform to the extent commercially reasonable.

c.both parties are excused from performing the contract.

d.the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching party.

23.When an agent retains benefits or profits that belong to his/her principal

a.an action against the agent for replevin may be brought by the principal.

b.the principal may demand an accounting from the agent.

c.the principal may demand that the agent post a bond in an amount determined by the court.

d.an action against the agent for the imposition of a contructive trust may be brought by the principal.

24.A gratuitous agent

a.owes no duties to the principal.

b.cannot be liable for breach of contract because there is no contract.

c.is held to a lower standard of care.

d.can act to benefit himself/herself as well as the principal.

Explanation / Answer

17. Option A (performance must take place within a reasonable time)

18.Option D (the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching party.)

23.Option B (the principal may demand an accounting from the agent)

24.Option B (cannot be liable for breach of contract because there is no contract.)

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