Introductory Business Law CLEP Prep Practice Exam

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Prepare for the CLEP Business Law Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

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In contract law, what is the remedy for breach of contract?

Termination of the contract
Monetary Damages
Specific Performance
Replacement of Contractor

The correct answer is: Monetary Damages

In contract law, the remedy for breach of contract is typically monetary damages. This means that the party who breached the contract is required to pay the other party for any losses or damages that resulted from the breach. Option A, termination of the contract, is generally used as a last resort if the breach is significant and irreparable. Option C, specific performance, only applies in cases where the subject matter of the contract is unique and cannot be easily replaced. Option D, replacement of contractor, is not a common remedy for breach of contract as it involves the intervention of a third party. Therefore, B is the most appropriate and commonly used remedy for breach of contract.