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Multiple Choice Quiz
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1
In accord and satisfaction, the parties agree to keep the original contract to fit the situation at hand.
A)True
B)False
2
There is no difference between a release and a mutual rescission.
A)True
B)False
3
When a contract is modified the parties agree to add, alter, or delete terms, but the essence of the contract remains unchanged.
A)True
B)False
4
If a party wishes to get out of a contract, he can not just declare a rescission and walk away.
A)True
B)False
5
Full and satisfactory performance and breach are the only ways a contract can come to an end.
A)True
B)False
6
Which of the following is not a method of reformation of a contract?
A)Modification
B)Accord and Satisfaction
C)Death of one of the parties
D)Mutual rescission
7
When the both parties agree to relinquish their right to commence a lawsuit based on the original and currently existing cause of action under the contract it is considered a:
A)Release
B)An accord and satisfaction
C)Substituted agreement
D)Covenant not to sue
8
In which agreement do the parties "agree to disagree"?
A)Accord and satisfaction
B)Release
C)Mutual rescission
D)Substituted agreement
9
A ______________ is construed in favor of the releasing party.
A)rescission
B)release
C)substitution
D)consent
10
With a modification the parties mutually assent to change the terms of the contract and this modification is supported by a(n) ______________.
A)consideration
B)covenant not to sue
C)merger
D)consent





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