R6 Contracts 4 (Th) Flashcards

0
Q

Satisfaction

A

The execution of an accord

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1
Q

Accord

A

An agreement to substituteone contract for another

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2
Q

Substituted Contract

A

An accord where the duties of the original contract are discharged immediately

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3
Q

Novation

A

Occurs when a new contractsubstitutes a new party for an old party in an existing contract

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4
Q

Condition Precedent

A

A condition that must occur before the other party must perform

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5
Q

Condition Concurrent

A

Conditions that must occur simultaneously

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6
Q

Condition Subsequent

A

A condition that will occur after a party’s duty to perform has arisen and will cut off that duty

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7
Q

Parol Evidence Rule

A

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

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8
Q

Unconsciounability

A

A doctrine used by courts to refuse to enforce provisions of a contract, or an entire contract, based on notions of fairness

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9
Q

Remedies

A

When a party fails to perform something he is contractually obligated to do

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10
Q

Minor Breach of Contract

A

Nonbreaching party is entitled to damages

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11
Q

Anticipatory Repudiation

A

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

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12
Q

Doctrine of Substantial Performance

A

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

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13
Q

Assignment of Rights

A

If a party wants to give contract rights to a third party

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14
Q

Delegation of Duties

A

If a party wants to have a third party perform contractual duties

Both the delegator and delegatee are liable unless there is novation

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15
Q

Assignment of a contract

A

An assignment of all rights under a contract; both an assignment of rights and a delegation of duties