R6 Contracts 4 (Th)

Question 0

Satisfaction

Answer 0

The execution of an accord

Question 1

Accord

Answer 1

An agreement to substituteone contract for another

Question 2

Substituted Contract

Answer 2

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

Question 3

Novation

Answer 3

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

Question 4

Condition Precedent

Answer 4

A condition that must occur before the other party must perform

Question 5

Condition Concurrent

Answer 5

Conditions that must occur simultaneously

Question 6

Condition Subsequent

Answer 6

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

Question 7

Parol Evidence Rule

Answer 7

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

Question 8

Unconsciounability

Answer 8

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

Question 9

Remedies

Answer 9

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

Question 10

Minor Breach of Contract

Answer 10

Nonbreaching party is entitled to damages

Question 11

Anticipatory Repudiation

Answer 11

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

Question 12

Doctrine of Substantial Performance

Answer 12

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

Question 13

Assignment of Rights

Answer 13

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

Question 14

Delegation of Duties

Answer 14

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

Both the delegator and delegatee are liable unless there is novation

Question 15

Assignment of a contract

Answer 15

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