Contracts Midterm II Flashcards
Condition
event that is uncertain to occur but must occur, unless nonoccurrence is excused, before performance under the contract becomes due. (R 224)
Duty
contractual obligation
Express Condition
strictly enforced conditions agreed upon by both parties and the intent is clear from the language of the contract. (R 226)
Constructive Condition
the making of contractual obligations into conditions due to the court’s interpretation of what the parties intended. (R 226)
Substantial Performance
performance of the condition has been completed enough that the court will deem it to be full performance of the condition which then triggers the obligor’s conditional duty
Divisibility
a contract can be severable if the part to be performed by one of the parties consists of several distinct items with attached prices that are essentially “mini-contracts”
Repudiation
clear and unequivocal communication by words or actions that a party will not or cannot perform
Anticipatory Repudiation
occurs before the time for performance is due
Breach
failure to perform a contractual obligation
Partial Breach
failure to meet a term of a contract that is so minimal that it does not cause the contract to fail or amount to total breach
Total Breach
substantial enough to allow for recovery of total damages
Material Breach
failure to perform that is of great significance to the contract
Immaterial Breach
minor deviation from the contract that does not contribute significantly to the contract
Waiver
Excuse of a nonoccurrence of a condition by the obligor
Estoppel
precludes retraction of a promise
