Jim Contracted with Kevin to Serve as a Guide for Kevin

question 72

Multiple Choice

Jim contracted with Kevin to serve as a guide for Kevin on his three-week fishing trip to Canada.The contract was made on April 1 with the trip to begin on June 1.On May 1, Kevin notified Jim that he had changed his mind and would be unable to make the trip.He also refused to pay Jim any compensation.In this case:

• A) Kevin has anticipatorily repudiated the contract and is immediately liable to Jim for damages.
• B) Jim must wait until June 1 to see if Kevin will perform his contractual duties and, if he does not, then Jim may sue Kevin for damages.
• C) Jim must try to find "cover" to replace the breached contract, and if he is not able to do so before June 1, then Kevin is liable to Jim for damages.
• D) because the contract is executory, Jim has suffered no damages, and Kevin has no obligation to pay any compensation.

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Definitions:

Special Meeting

A meeting called for a specific purpose, distinct from regular meetings, often to address urgent issues within an organization.

Derivative Suit

A lawsuit brought by a shareholder on behalf of a corporation against a third party, often the corporation's executives or directors, due to failure in their corporate duties causing harm to the company.

Similarly Situated Shareholders

Shareholders in a corporation who are in comparable positions, typically concerning their rights and interests.

Current Shareholder

An individual or entity that currently owns shares in a company.