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fin 240 kaplowitz worksheet 18.2: discharge by performance
Terms in this set (16)
Most contracts are discharged by fulfilling conditions precedent, conditions subsequent, or concurrent conditions.
the unconditional offer to perform by someone who is ready, able, and willing to perform
an indication before the deadline of a contract by word or action that a party will not perform the obligations of the contract
the failure, without legal excuse, to perform the obligations of the contract
A buyer who offers to pay for goods has _____ payment and can therefore demand delivery of the goods.
The two basic types of performance are:
complete and substantial
In order to qualify as substantial performance, the party who fails to perform perfectly must perform _____, _____ failure to comply with the contract terms is a _____ of the contract. The performance must not vary greatly from the promised performance—an omission, variance or defect in performance is considered _____ if it can be _____ by compensation. Finally, the performance must create substantially the same _____ as those promised in the contract.
in good faith, intentional, breach, minor, remedied, benefits
If performance is substantial, the other party's duty to perform is excused.
Some contracts state that the contract needs to be performed to the satisfaction of another. The "other" is typically _____.
a reasonable person
A _____ breach does not discharge the nonbreaching party from the contract, and, once the _____ breach has been cured, the nonbreaching party must resume performance.
When one party anticipatorily repudiates a contract, what two options does the nonbreaching party have?
(1) wait until the deadline for performance to sue
(2) sue for punitive damages
Most contracts require that all aspects be completed as expressly stated in the contract. Any deviation from strict performance breaches the contract and _____ the other party's obligations to perform.
In order to have substantially performed a contract, the party must have performed in _____. _____ failure to comply with the contract terms is a _____ of the contract.
good faith, breach
If performance is substantial, the other party's duty to perform is mitigated.
In the case of a material breach of contract, _____.
the nonbreaching party has the right to sue for damages resulting from the breach
If no time for performance is stated in the contract, a reasonable time is implied.
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