* not completed

. Which of the following is NOT an example of a frustrating event?

The subject matter of the contract ceases to exist. correct incorrect

The contract has become significantly more expensive than anticipated and is now not profitable. correct incorrect

An event central to the contract has not occurred. correct incorrect

The contract becomes illegal to perform following the contract being established. correct incorrect

* not completed

. In the absence of provisions in the contract, which of the following does the Law Reform (Frustrated Contracts) Act 1943 NOT provide?

Any valuable benefit gained may be kept by the party without being compensated for. correct incorrect

All money still owing under the contract ceases to be due. correct incorrect

All money paid is recoverable at the court's discretion. correct incorrect

The money returned includes deposits and expenses. correct incorrect

* not completed

. Breach of the following term will always entitle the innocent party to claim damages AND repudiate the contract:

A condition correct incorrect

A warranty correct incorrect

An innominate term correct incorrect

A representation correct incorrect

* not completed

. When assessing a damages payment for breach of contract, which of the following criteria is NOT considered by the court?

Damages must not be too remote. correct incorrect

Damages must be quantifiable. correct incorrect

The innocent party must have sought to mitigate his/her losses. correct incorrect

Sums identified in penalty clauses. correct incorrect

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. Which of the following is a common law remedy?

Injunctions correct incorrect

Specific performance correct incorrect

Damages correct incorrect

Rectification correct incorrect

* not completed

. Where a contract has been substantially, but not completely performed, the innocent party:

is required to pay the full contractual amount. correct incorrect

may refuse to pay any money owed until full completion has taken place. correct incorrect

must pay 50% of the contractual fee and nothing more, regardless of the amount of work completed. correct incorrect

is required to pay the amount due, taking into account the shortcomings of the contract and deducting an amount accordingly. correct incorrect

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. In the event of a breach of contract, it is expected that the innocent party take which of the following action?

To reasonably attempt to mitigate losses. correct incorrect

To take any and all measures possible to reduce the associated losses to the breach. correct incorrect

To establish a new contract with any alternative source available. correct incorrect

To take no action until the full consequences of the breach are identified so a damages action can incorporate all sustained losses. correct incorrect

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. Which of the following is NOT a factor used in distinguishing a penalty clause from liquidated damages?

The essence of liquidated damages is a genuine pre-estimate of damage. correct incorrect

The specific use of the words 'liquidated damages' is conclusive proof of the status of the term. correct incorrect

The question of the status of the term is judged at the time of the making of the contract, not at the time of the breach. correct incorrect

There is a presumption that the term is a penalty clause when a single lump sum is made payable by way of compensation on the occurrence of one or more or all of several events - some of which are serious, others of which are trifling. correct incorrect

* not completed

. Which of the following is NOT a type of injunction?

Mandatory injunction correct incorrect

Prohibitory injunction correct incorrect

Rectifying injunction correct incorrect

Interim injunction correct incorrect

* not completed

. The time limit, from the date on which the right to the action arose, for a breach of a simple contract claim is?

Three years correct incorrect

Three months correct incorrect

12 years correct incorrect

Six years correct incorrect