Contract Performance

Question 1

When both parties agree to cancel a contract, it’s a

Answer 1

rescission

Question 2

When one party cancels against the wishes of the other party

Answer 2

breach of contract

Question 3

if the other party is not going to meet his obligations, I’m going to terminate.

Answer 3

Unilateral Recession

Question 4

Okay, this contract isn’t working out for either of us. Let’s put it in writing that we’ve agreed to call it quits.

Answer 4

Mutual rescission

Question 5

Although you haven’t met all of your obligations, I’m willing to move forward with the contract anyway.

Answer 5

Accept partial performance

Question 6

Things just aren’t working out, so I’m going to cut my losses and accept liquidated damages per our agreement because you didn’t hold up your end of the deal.

Answer 6

Liquidated damages

Question 7

All right, then. If you don’t want to fulfill your obligations through actions, with the court’s help, I’ll take out what you owe me in cash and call it even.

Answer 7

Sue for monetary damages

Question 8

Hold on just a minute! You’re not getting off that easy. With the help of the courts, I’m going to make sure you fulfill the terms of our contract.

Answer 8

Sue for specific performance

Question 9

created when a statement in the body of the contract says that it was made “under seal,” and/or when the words “witness my seal” appears above the signature block.

Answer 9

contract under seal

Question 10

The creation of a new agreement between the parties

Answer 10

Novation

Question 11

The transfer of obligation to a contract from one person to another

Answer 11

Assignment of contract

Question 12

To meet the terms of a contract

Answer 12

Performance of contract