Study sets, textbooks, questions
Upgrade to remove ads
Terms in this set (22)
A(n) __________ is a contract by which an obligee promises to accept a stated performance in satisfaction of the obligor's existing contractual duty.
which type of condition is more common
conditions precedent are common in contracts
A(n) __________ is a substituted contract that involved an agreement among three parties to substitute a new promise for the existing promise or to replace the existing promisor with a new one.
even though all creditors have not been paid in full, a discharge under the _________ eliminates ordinary contract claims against the debtor
________ is performance that, though incomplete, does not defeat the purpose of the contract
a ________ is an event that terminates an existing duty
in most contracts, discharges take place by:
________ is an offer by one party-who is ready, willing, and able to perform- to the other party to perform his obligation according to the terms of the contract
the fact that no time is specified in the contract means that
a reasonable time for performance will be implied
which of the following will be seen as commercial impracticability?
performance is rendered unjust by a supervening event not caused by her own fault
Where, after a contract is made, a party's principal purpose is substantially frustrated without his fault by the occurrence of an event whose nonoccurrence was a basic assumption on which the contract was made, his remaining duties can be discharged by:
frustration of purpose
By operation of law one might be able to discharge their contractual obligations by:
Wilma has an insurance policy on the contents of her apartment, which requires that she notify the insurance company within 60 days of any loss before she is eligible to receive payment for her loss. The notification requirement is:
a condition precedent
Which of the following is a contract with a condition subsequent?
Adam bought an iPad but he may return the iPad within one month and get all of his money back.
On September 15th, Annie and Bertha enter into a contract where both parties are obligated to perform on December 31. On December 1, Annie tells Bertha, "Performing the contract would be impossible for me." This statement is:
Pam and Alexander enter into a contract on January 1 of this year. Pam's friend Callie tells Pam, "There is a statute that restricts the period of time within which an action may be brought." Callie's statement is:
true because of statute of limitations
Andrew owes Rachel $200 for a used television which he bought last year at Rachel's yard sale. When Andrew is unable to pay, the two agree that the debt can be paid by Andrew's typing all of Rachel's term papers for the school year. The new contract is a(n):
Salvador and Jose make a contract for Salvador to manufacture five custom saddles of a specified design. Prior to their manufacture, the factory is destroyed in an accidental fire that is no one's fault. The saddles are available from other sources. In this case:
Salvador's duty to deliver the saddles is discharged by the destruction of the factory.
Leo owes Nora $1,000 and they both agree that Leo will mow the grass of Nora's 10-acre field in satisfaction of the debt. Leo's performance of mowing the grass is:
Daniel owes Amanda $5,000 and they both agree that Daniel will mow the grass of Amanda's 10-acre field to satisfy Daniel's outstanding balance. The agreement to mow the grass represents:
Jose is a race car driver and contracted with Peter to race Peter's car in an upcoming car race. The night before the race, Peter's car caught fire, was severely charred, and was inoperable. What concept would allow Jose to be excused from performing under the contract?
Raul builds Evelyn a $200,000 home according to Evelyn's specifications. Raul, however, missed two specifications, causing Evelyn to incur $25,000 in damages to fix the missed specifications. If Evelyn files a breach of contract, but the court does not allow her to forgo paying for the house, and only requires her to pay Raul $175,000, what theory will the court use to justify its order?
Sets with similar terms
BLAW chp 17 mindtap
Chapter 17 MindTap and Bold Terms
BLAW CH 17 Multiple Choice
MGT 341 Exam 2 Chapter 19
Sets found in the same folder
Other sets by this creator