Excuse

Question 1

Anticipatory repudiation

Answer 1

1) unambiguous statement
2) that the repudiating party will not perform
3) made prior to the time that performance was due
4) excuses the other parties performance and generally gives rise to an immediate claim for damages for breach

Question 2

Anticipatory repudiation: retraction

Answer 2

1) ok so long as no material change in position by other party
2) if timely retracted, the duty to perform is reinstated but performance can be delayed until adequate assurances are made

Question 3

Rescission or Cancellation

Answer 3

Valid if obligations still left for both parties

Question 4

Accord: definition

Answer 4

an agreement by the parties to an already existing obligation to accept a different performance in satisfaction of the existing obligation

Question 5

Satisfaction: definition

Answer 5

the performance of the accord

Question 6

Accord and Satisfaction consequence

Answer 6

If a party breaches on the accord, the other party can sue on either the original obligation or the accord

Question 7

Novation: definition

Answer 7

agreement between both parties to an existing contract for the substitution of a new party