Changes to Contract obligations Flashcards

1
Q

What is recission?

A

The mutual cancellation of a K.

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2
Q

When does recission arise?

A

If some performances obligations remain for each party and they both agree to rescind the K.

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3
Q

Is consideration required for recession?

A

Yes unless K is governed by UCC

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4
Q

What is modification?

A

Parties to a K agree to accept a new agreement in place of the existing K.

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5
Q

Does medication require consideration?

A

Yes unless governed by the UCC

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6
Q

What is accord and satisfaction?

A

satisfying the accord is a condition for fulfillment of original K obligations

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7
Q

What is novation?

A

parties agree to substitute a new party to perform.

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8
Q

If there is novation, what are the original party’s obligations?

A

Excused from performance and no longer has any K obligations

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9
Q

What is the difference between novation and delegation?

A

Delegation does not require both parties’ agreement and does not excuse the delegator’s liability on the K.

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10
Q

What is accord and satisfaction?

A

When both parties to an existing agreement agree to accept different performance in satisfaction of the existing obligation.

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11
Q

What is accord?

A

Agreement to accept alternative performance in satisfaction of the existing obligation

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12
Q

What is satisfaction?

A

completion of the alternative performance.

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13
Q

What is the legal affect of accord and satisfaction?

A

It excuses the original obligation.

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14
Q

If the accord is not satisfied, a party may sue on what?

A

either the original obligation or the accord

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