Which of the following are true about remedies? 1) Specific performance is only available for goods that are easily replaced. 2) A warranty is a contract term that entitles a party to rescission of the contract. 3) 4) Recission goes backwards, money or property is returned; damages goes forwards, meaning the plaintiff claims their loss of profit. According to the principle of remoteness, if unusual circumstances were not communicated to the offending party at the time the contract was formed, damages for the unusual circumstances are not recoverable by the plaintiff. 5) A person claiming frustration must establish that the event arose without nither party's fault.
Which of the following are true about remedies? 1) Specific performance is only available for goods that are easily replaced. 2) A warranty is a contract term that entitles a party to rescission of the contract. 3) 4) Recission goes backwards, money or property is returned; damages goes forwards, meaning the plaintiff claims their loss of profit. According to the principle of remoteness, if unusual circumstances were not communicated to the offending party at the time the contract was formed, damages for the unusual circumstances are not recoverable by the plaintiff. 5) A person claiming frustration must establish that the event arose without nither party's fault.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Which of the following are true about remedies?
1) Specific performance is only available for goods that are easily replaced.
2)
A warranty is a contract term that entitles a party to rescission of the
contract.
3)
4)
Recission goes backwards, money or property is returned; damages goes
forwards, meaning the plaintiff claims their loss of profit.
According to the principle of remoteness, if unusual circumstances were not
communicated to the offending party at the time the contract was formed,
damages for the unusual circumstances are not recoverable by the plaintiff.
5)
A person claiming frustration must establish that the event arose without
either party's fault.
6) Everyone who suffers a breach of contract has a duty to mitigate.
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