R6 Contracts 4 (Th) Flashcards
Satisfaction
The execution of an accord
Accord
An agreement to substituteone contract for another
Substituted Contract
An accord where the duties of the original contract are discharged immediately
Novation
Occurs when a new contractsubstitutes a new party for an old party in an existing contract
Condition Precedent
A condition that must occur before the other party must perform
Condition Concurrent
Conditions that must occur simultaneously
Condition Subsequent
A condition that will occur after a party’s duty to perform has arisen and will cut off that duty
Parol Evidence Rule
Prohibits a party in a lawsuit involving a fuly integrated written contract from introducing evidence at trial of oral or written statements made prior to the written contract or oral statements made contemporaneously with the written contract and that seek to vary the terms of the contract.
Subsequent modifications, evidence to explain ambiguous terms, and evidence to show fraud, duress, or mistake are admissible
Unconsciounability
A doctrine used by courts to refuse to enforce provisions of a contract, or an entire contract, based on notions of fairness
Remedies
When a party fails to perform something he is contractually obligated to do
Minor Breach of Contract
Nonbreaching party is entitled to damages
Anticipatory Repudiation
Occurs when one party unequivocaly indicates in advance of performance to another that she wil not perform contractual duties when the time comes
Sue immediately
Wait to sue
Cancel contract
Doctrine of Substantial Performance
Under the common law, a party cannot rescind or cancel if a contract has been substantialy performed. The nonbreaching party is entitled to monetary damages
Not available under UCC sales article. The UCC requires perfect tender by the seler. The buyer may cancel the contract
Assignment of Rights
If a party wants to give contract rights to a third party
Delegation of Duties
If a party wants to have a third party perform contractual duties
Both the delegator and delegatee are liable unless there is novation