Blaw 8 - Performance and Discharge

lcarter's version from 2016-05-05 23:47

Section 1

Question Answer
ConditionPossible future event that triggers or rids of performance
Condition precedentThe condition must be met before performance
Condition SubsequentThe condition terminates need to perform
Concurrent ConditionsEach party's performance is dependent on the other; Simultaneous
Express conditionsProvided by parties' agreement
Implied conditionsUnderstood to be part of agreement

Section 2

Question Answer
TenderUnconditional offer to perform
Complete performanceEverything by both parties has been performed and the contract is complete
Substantial performanceMost benefits are promised; other party can sue for damages
Breach of contractnonperformance of a contractual duty
Anticipatory repudiationWhen a party refuses to perform, treated as breach of contract

Section 3

Question Answer
Mutual rescissionWhen both parties agree to end the contract
NovationWhen both parties agree to replace one party with a third party
Settlement agreementSuch agreement will replace contract
Accord and satisfactionParties agree to accept different performance

Section 4

Question Answer
Alteration of lawLaw will discharge if contract is tampered with without consent
Statutes of LimitationsTime period for party to take action
BankruptcyPartial payment of debts
Impossibility of performanceEvents happen, contract is discharged
Commercial impracticalityWhen performance is rendered extremely hard and impractical

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