Alaska Contracts and Commercial Law Flashcards
7 cards from real AK BAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Alaska Contracts and Commercial Law flashcards as text
The doctrine of substantial performance in contract law allows a party to recover when:
Answer: They have performed most obligations but with only minor deviations
Substantial performance allows a party who has mostly completed their obligations with only minor, non-material deviations to recover the contract price minus damages for the shortfall.
Which remedy compels a party to perform their specific contractual obligations rather than paying money damages?
Answer: Specific performance
Specific performance is an equitable remedy that orders a party to actually perform their contractual duties, typically granted when monetary damages are inadequate to compensate the non-breaching party.
Under the doctrine of anticipatory repudiation, a non-breaching party may:
Answer: Immediately treat the contract as breached and seek remedies
When a party unequivocally repudiates a contract before the performance date, the non-breaching party may treat it as an immediate total breach and pursue all available remedies without waiting.
Consequential damages in contract law are recoverable only if they were:
Answer: Foreseeable at the time of contracting
Under the Hadley v. Baxendale rule, consequential damages are recoverable only if they were foreseeable to the breaching party at the time the contract was formed.
A force majeure clause in a contract typically:
Answer: Excuses performance when extraordinary events beyond a party's control prevent it
A force majeure clause excuses a party's performance when extraordinary events beyond their control, such as natural disasters, wars, or government actions, make performance impossible or commercially impracticable.
The mitigation doctrine in contract law requires a non-breaching party to:
Answer: Take reasonable steps to minimize their damages after breach
The mitigation doctrine requires the non-breaching party to take reasonable steps to reduce their losses; failure to mitigate bars recovery for damages that could have been avoided.
Liquidated damages clauses are enforceable in Alaska when:
Answer: Damages were difficult to estimate and the amount is a reasonable forecast of actual harm
Liquidated damages clauses are enforceable when actual damages were difficult to estimate at contract formation and the stipulated amount represents a reasonable forecast of compensatory damages, not a penalty.