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J - B LAW 301 > PowerPoint 9 > Flashcards

PowerPoint 9 Flashcards

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1
Q

Most contracts end in ___.

A

Discharge.

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2
Q

How do contracts end through discharge?

A
  • Performance.
  • Agreement.
  • Operation of law.
  • Breach.
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3
Q

Performance

A

Fulfillment of obligations.

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4
Q

If obligations are not clearly defined, it may be difficult to…

A

Determine if proper performance occurred.

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5
Q

Tendering

A

Doing what is required under the contract.

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6
Q

Debtor has a primary obligation to tender payment in a ___ manner.

A

Reasonable.

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7
Q

Debtor does not have to tender payment if…

A

It would be obviously refused.

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8
Q

Why is the use of legal tender risky?

A

Because lost or stolen cash is extremely difficult to recover.

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9
Q

Payment on debit cards is…

A

Final.

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10
Q

Payment on credit cards is…

A

Made using the credit card company.

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11
Q

Payment on cheques is…

A

A conditional payment as bank may not honour, or customer may countermand cheque before cashed.

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12
Q

Payment on PayPal is…

A

3PPS (third party payment system).

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13
Q

If you do not stipulate method of payment, it defaults to…

A

Cash or debit.

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14
Q

Tender of Performance

A

When performance involves provision of goods or services rather than money.

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15
Q

What is the general rule regarding the tender of performance?

A

Obligations must be exactly performed difficulties with entire contracts: no payment due unless all work performed.

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16
Q

Quantum Meruit

A

To ask for a reasonable amount of money for the work that you did, if you did not fulfill the whole contract.

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17
Q

Option to Terminate

A

Unilateral right to discharge.

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18
Q

Conditional Contract

A

Parties agree that contract is affected by an event.

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19
Q

Condition Subsequent

A

We’ll let you skate, unless a concert is booked for that evening later on. Agreement in place unless something happens.

20
Q

True Condition Precedent

A

I will build something for you only if government allows it. Relies on government. No enforceability until that event occurs.

21
Q

Condition Precedent

A

Only enforceable if something occurs. Agreement is only in place if something occurs.

22
Q

Accord and Satisfaction

A

Occurs when a party gives up right to demand performance in return for a new benefit.

23
Q

Difference between accord and satisfaction:

A

Accord is a new agreement, while satisfaction is a new consideration.

24
Q

Do both parties need consideration in accord and satisfaction?

A

Yes. Can be forbearance (giving up right to enforce old contract).

25
Q

Release

A

Discharge under seal. Used to discharge a contract without fresh consideration. Seal is substitute for consideration.

26
Q

Variation

A

Small changes to existing contract. Contract retained on new terms.

27
Q

Is consideration required for variation?

A

Yes.

28
Q

Novation

A

Old contract discharged and replaced with new contract.

29
Q

Two-Party Novation

A

Same parties, different contract.

30
Q

Three-Party Novation

A

Different parties, same contract.

31
Q

Waiver

A

Abandonment of right to performance.

32
Q

Difference between waiver and release:

A

Pretty much the same thing.

33
Q

An exclusion clause is a ___.

A

Waiver.

34
Q

Contract may be discharged by operation of law. True or false?

A

True.

35
Q

Examples of operation of law:

A
  • Frustration.
  • Lapse of limitation period.
  • Bankruptcy.
36
Q

Frustration

A

Contract impossible to perform.

37
Q

Breach

A

Failure to fulfill contractual promise.

38
Q

Can a contract be discharged for breach?

A

Yes.

39
Q

What determines whether contract is discharged because of breach?

A
  • Condition (substantial term).
  • Warranty (lesser term).
  • Intermediate (hybrid term).
40
Q

Breach of Condition

A

You did not get what you asked for as part of the contract. Wrong size TV.

41
Q

Breach of Warranty

A

What you got is broken. TV does not work.

42
Q

You only get recision automatically if…

A

It was a breach of condition.

43
Q

Are you guaranteed to get recision in cases of breach of warranty?

A

No. You can get reimbursed for repairs. However, seller does not have to give you money back.

44
Q

Defective Performance

A

You did not complete what you were expected to complete.

45
Q

Deviation

A

The product was not the same as the one that you ordered. Nike instead of Adidas.

46
Q

Anticipatory Breach

A

There’s a time for performance in the future, and I’m going to breach when that time comes. Gives non-breaching party options.

47
Q

Self-Induced Impossibility

A

???

J - B LAW 301 (22 decks)

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