Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Law > Ch13 Termination of Contracts > Flashcards

Ch13 Termination of Contracts Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards MPRE flashcards Civil Procedure 1L flashcards
1
Q

Contract is discharged when all terms have been fulfilled.

A

Performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Factors of fulfillment

A

Performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Time of performance

A

Factors of fulfillment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Tender of performance

A

Factors of fulfillment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Tender of payment

A

Factors of fulfillment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Satisfactory performance

A

Factors of fulfillment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Substantial performance.

A

Factors of fulfillment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Discharge in bankruptcy

A

Discharge by Operation of Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Running of the statute of limitations

A

Discharge by Operation of Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Alteration of written contract

A

Discharge by Operation of Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Parties can agree to not carry out the contract’s terms; it is then discharged.

A

Voluntary Agreement of the Parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

No contract is ever made if the act is impossible to perform.

A

Impossibility of Performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Destruction of the subject matter

A

Impossibility of Performance: Common Causes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

New laws making the contract illegal

A

Impossibility of Performance: Common Causes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Death of physical incapacity of a person to render personal services.

A

Impossibility of Performance: Common Causes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Act of the other party

A

Impossibility of Performance: Common Causes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

If innocent party accepts breach the contract is discharged.

A

Acceptance of Breach of the Contract by One of the Parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Nominal damages

A

Sue for Damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Compensatory damages

A

Sue for Damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Punitive damages

A

Sue for Damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Liquidated damages

A

Sue for Damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Aggrieved party may do so if contract is breached.

A

Rescind the Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

set aside or cancel

A

Rescind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Available in limited cases

A

Sue for Specific Performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Contracts for the performance of personal services will not be specifically ordered.

A

Sue for Specific Performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Failure to perform with ability and care normally exercised by people in a profession.

A

Malpractice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Accountant is liable to client who suffers.

A

Malpractice

28
Q

This is the sum fixed by the contract for breach where actual damages are difficult to measure.

A

Liquidated

29
Q

These type of damages are what the party gets due to a breach of contract which is the loss plus additional damages to punish the defendant.

A

Punitive

30
Q

This is an offer to perform an obligation in satisfaction of the terms of a contract.

A

Tender of Performance

31
Q

This is a small amount awarded when there is a technical breach of contract but no injury.

A

Nominal

32
Q

In the cases of doctors, lawyers, or accountants, this is the failure to perform with ability and care normally exercised by people in a profession.

A

Malpractice

33
Q

These three words are regarding a person’s right to sue must be exercised within a fixed amount of time.

A

Statute of Limitations

34
Q

When a contract is breached, the aggrieved party may elect to do this.

A

Rescind

35
Q

If the act called for in an alleged contract is ___________ to perform at the time the contract is made, no contract ever comes into existence.

A

Impossible

36
Q

Money or property I might receive because of the breach of contract.

A

Damages

37
Q

There are these many common methods by which contracts may be terminated.

A

Five

38
Q

When of the parties fails or refuses to perform the obligations assumed under the contract then this happens.

A

Breach

39
Q

These type of damages are what a party gets that equals the loss but no more.

A

Compensatory

40
Q

If the tender is refused the debt is not __________.

A

Discharged

41
Q

If one of the parties does this to a contract without the consent of the other parties then the innocent party is discharged.

A

Alters

42
Q

A tender in the form of a check is not a proper tender. With a few minor exceptions, this is any form of US money

A

Legal

43
Q

One party announces intention not to perform prior to time to perform

A

Anticipatory Breach

44
Q

Failure or refusal to perform contractual obligations

A

Breach

45
Q

Amount equal to the loss sustained

A

Compensatory Damages

46
Q

Sum of money awarded to injured party

A

Damages

47
Q

Contract provision excusing performance when extraordinary event occurs

A

Force Majeure Clause

48
Q

Any form of lawful money

A

Legal Tender

49
Q

Amount paid to one party to punish the other

A

Punitive Damages

50
Q

Carrying out the terms of contract

A

Specific Performance

51
Q

Time within which right to sue must be exercised or lost

A

Statute of Limitations

52
Q

Offer and ability to pay money owed

A

Tender of Payment

53
Q
  1. When all terms of a contract have been fulfilled, the contract is discharged by novation.
A

False

54
Q
  1. Legal tender usually refers to any form of U.S. money.
A

True

55
Q
  1. If the tender used as payment is refused, the debt is discharged.
A

False

56
Q
  1. Satisfactory performance and substantial performance are the same thing.
A

False

57
Q
  1. Bankruptcy can discharge contracts.
A

True

58
Q
  1. A debt that has been outlawed by the statute of limitations can never be revived.
A

False

59
Q
  1. In some cases, a person other than the injured party of a contract may sue a professional person for malpractice.
A

True

60
Q
  1. A substantial, intentional alteration of a written contract without the consent of the other party discharges the contract.
A

True

61
Q
  1. An offer to perform an obligation in satisfaction of the terms of a contract is called:
A

Tender of Performance

62
Q
  1. If a contract involves specific subject matter, the destruction of this matter without the fault of the parties:
A

discharges the contract because of impossibility of performance

63
Q
  1. Causes of contracts being discharged because of impossibility of performance include:
A

a. new laws making the contract illegal.
b. physical incapacity of persons to render personal services.
c. wrongful acts of other parties.

D. ALL OF THESE

64
Q
  1. If a plaintiff in a suit for breach of contract cannot prove any substantial loss but just wants to prove a point, the most likely type of damages she will get is called ________ damages.
A

Nominal

65
Q
  1. Damages paid to go beyond merely compensating to punishing the defendant are called ________.
A

Punitive Damages

66
Q
  1. In cases when neither a suit for damages nor rescission will constitute adequate remedy, what may be applied?
A

Suit for specific performance

Business Law (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions