Chapter 10 TEST 2

Question 1

Novation

Answer 1

Occurs when both of the parties to a contract agree to substitute a third party for one of the original parties

New contract, old contract has been descended. Not a delegation of duties

Question 2

Tender

Answer 2

and unconditional offer to preform by a person who’s is ready, willing, and able to do so.

Tender performance, showing the man contract that he agreed to by car, brought his car even though he wants to back out, man selling the car can sue him because he didnt tender performance.
Same vice versa

Question 3

Agreement, Consideration, Capacity, ?????

Answer 3

4 things to make a contract

Question 4

Condition

Answer 4

A possible future event, the occurrence or nonoccurrence of which will trigger the performance of legal obligation or terminate an existing obligation under a contact.

I agree to sell you my 50,000 car for 25,000 IF the jaguars beat Arkansas state tonight.

Question 5

Conditions subsequent

Answer 5

We have an agreement unless X and/or Y happen

Question 6

Condition precendant

Answer 6

Must happen before contract is in effect