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DBIA Exam Prep ( 2025 / 2026 Update) Test Questions & Answers
Question:
What are ways a contract may limit the extent to which damages can be imposed?
Answer:
- Liquidated Damages
- Limitations of Liability
- No damages for delay
- Waivers of Consequential Damages
Question:
Expectation Damages
Answer:
Awards what was reasonably expected from the contract
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Question:
Rescission Damages
Answer:
Restores parties to pre-contract position when expectation damages are not available (award what party would have had if the contract had never existed)
Question:
Specific Performance and Injunctive Relief
Answer:
Only available if the subject matter is unique and monetary damages are
inadequate:
Specific Performance - Party ordered to perform Injunction - Party ordered to stop doing something
Question:
Quantum Meruit
Answer:
Equitable remedy imposed because the breaching party was unjustly enriched
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Question:
Consequential Damages
Answer:
Arise from the consequences of a breach:
- An example of indirect damages
- Often substantial damages that are hard to prove, difficult to manage or
- Can involve 3rd parties
- Creates substantial financial exposure if something goes wrong
predict
Question:
Tort Law
Answer:
A legal remedy for someone who has been wrongfully harmed by another and the harm is not covered by an enforceable contract.
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