Ch. 18

Question 1

Condition Precedent

Answer 1

Something that needs to take place fro the deal to happen.

Question 2

Condition Concurrent

Answer 2

A deal that relies on Exchange

Question 3

Condition Subsequent

Answer 3

If a certain event takes place the contract ends

Question 4

Covenant

Answer 4

Promises Major-material, and Minor-Nonmaterial

Question 5

To Offer Performance

Answer 5

Tender

Question 6

Types Of Tender

Answer 6

1. Tender of Performance
2. Tender of payment

Question 7

Time of Performance

Answer 7

When Time is a material term, then it is said that “time is of the essence”

Question 8

Replace defective goods with conforming good when time is not of the essence

Answer 8

Curative Tender

Question 9

Adequacy of Performance

Answer 9

Substantial Performance Doctrine

Question 10

Holds that if a party has performed a contract substantially but not perfectly, then that party will be allowed the contract price less set-off, if the defects are not intentional, nor material/major.

Answer 10

Subsantial performance Doctrine

Question 11

Can an agreement be discharged if there are terms in the contract on how to exit it?

Answer 11

yes

Question 12

T/F can Mutual Cancelation be considered Discharge by Agreement?

Answer 12

True

Question 13

T/F Mutual Recission (return of consideration) can be a discharge by agreement.

Answer 13

True

Question 14

Substitution is a type of Discharge of Agreement, define it

Answer 14

New contract in place of the former, same parties new agreement

Question 15

Discharge of Agreement, Novation

Answer 15

Same contract different parties, one party is swapped for another

Question 16

Discharge of Agreement, Accord and Satisfaction

Answer 16

Paying part of debt

Question 17

Standard of Imposibility

Answer 17

is Objective, and not subjective. It can not be done.

Question 18

Frustration of Purpose

Answer 18

“Because of a change in circumstances, the purpose of the contract may have no value to the party entitled to receive performance. In such a case, performance may be excused if both parties were aware of the purpose and the event that frustrated the purpose was unforeseeable”

Question 19

Commercial Impracticality UCC

Answer 19

Outside the reasonable expectation that shifts risks on one side

Question 20

Forms of Imposibility

Answer 20

1. Destruction of Subject Matter
2. Change of Law
3. Death of party
4. Disability of Party
5. Act of other party- “When the promisee prevents performance or otherwise makes performance impossible, the promisor is discharged from the contract”

Question 21

When the promisee prevents performance or otherwise makes performance impossible, the promisor is discharged from the contract

Answer 21

Act of other party

Question 22

Do Temporary Impossibilities Terminate the Contract

Answer 22

No, they may only delay performance

Question 23

Sometimes parties agree to a shorter time period within which lawsuits must be filed, these will be much shorter

Answer 23

Contractual Limitation

Question 24

Provides a time period within which lawsuits must be filed

Answer 24

Statute of Limitations