1. Mr. T contracted to sell Mr. Andy Chen a building for $800,000.00. The contract basically requires Mr. Chen to pay the entire amount at closing. However, Mr. Andy Chen refused to close the sale of

1. Mr. T contracted to sell Mr. Andy Chen a building for $800,000.00. The contract basically requires Mr. Chen to pay the entire amount at closing. However, Mr. Andy Chen refused to close the sale of the building. Mr. T sued (of course). What relief is Mr. T entitled to?

a. Compensatory damages or specific performance

b. Specific performance and compensatory damages

c. Consequential or punitive damages

d. Punitive and compensatory damages

e. Whatever

2. Baragon Ballroom, located at Lincoln Square, hires “Ratt” to sing there for a week of 11/15-11/22. “Ratt” breaches the contract for no valid reason. What can Baragon Ballroom do now?

a. They can ask for specific performance requiring “Ratt” to perform there since they already sold bunch of tickets, but they cannot ask for injunction to prevent “Ratt” from singing elsewhere that week if he still refuses to perform.

b. They cannot ask for specific performance requiring “Ratt” to perform even though they already sold bunch of tickets, but they can ask for injunction to prevent “Ratt” from singing elsewhere that week.

c. They can seek punitive damages since Restatement allows punitive damages for breach of contract.

d. A and C only

e. B and C only

3. Which of the following statements is/are correct?

a. Contracting parties can exclude CISG from applying

b. Contracting parties cannot exclude CISG from applying because of Supremacy Clause

c. Contracting parties have excluded CISG from applying if the contract provides: “domestic law governs the contract.”

d. A and C are correct

e. B and C are correct

4. A contracts to buy rare souvenir for $12,000. A later discovers that the souvenir is not rare and it is made in China; however, A keeps it anyway. The souvenir is worth $5,000. Had it been so rare, it would be worth $13,000. A’s loss in value damages are:

a) $7,000

b) $9,000

c) $12,000

d) $ 1,000

e) None of the above