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Business Law > Ch13 Termination of Contracts > Flashcards

Ch13 Termination of Contracts Flashcards

1
Q

Contract is discharged when all terms have been fulfilled.

A

Performance

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2
Q

Factors of fulfillment

A

Performance

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3
Q

Time of performance

A

Factors of fulfillment

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4
Q

Tender of performance

A

Factors of fulfillment

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5
Q

Tender of payment

A

Factors of fulfillment

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6
Q

Satisfactory performance

A

Factors of fulfillment

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7
Q

Substantial performance.

A

Factors of fulfillment

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8
Q

Discharge in bankruptcy

A

Discharge by Operation of Law

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9
Q

Running of the statute of limitations

A

Discharge by Operation of Law

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10
Q

Alteration of written contract

A

Discharge by Operation of Law

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11
Q

Parties can agree to not carry out the contract’s terms; it is then discharged.

A

Voluntary Agreement of the Parties

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12
Q

No contract is ever made if the act is impossible to perform.

A

Impossibility of Performance

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13
Q

Destruction of the subject matter

A

Impossibility of Performance: Common Causes

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14
Q

New laws making the contract illegal

A

Impossibility of Performance: Common Causes

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15
Q

Death of physical incapacity of a person to render personal services.

A

Impossibility of Performance: Common Causes

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16
Q

Act of the other party

A

Impossibility of Performance: Common Causes

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17
Q

If innocent party accepts breach the contract is discharged.

A

Acceptance of Breach of the Contract by One of the Parties

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18
Q

Nominal damages

A

Sue for Damages

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19
Q

Compensatory damages

A

Sue for Damages

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20
Q

Punitive damages

A

Sue for Damages

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21
Q

Liquidated damages

A

Sue for Damages

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22
Q

Aggrieved party may do so if contract is breached.

A

Rescind the Contract

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23
Q

set aside or cancel

A

Rescind

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24
Q

Available in limited cases

A

Sue for Specific Performance

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25
Contracts for the performance of personal services will not be specifically ordered.
Sue for Specific Performance
26
Failure to perform with ability and care normally exercised by people in a profession.
Malpractice
27
Accountant is liable to client who suffers.
Malpractice
28
This is the sum fixed by the contract for breach where actual damages are difficult to measure.
Liquidated
29
These type of damages are what the party gets due to a breach of contract which is the loss plus additional damages to punish the defendant.
Punitive
30
This is an offer to perform an obligation in satisfaction of the terms of a contract.
Tender of Performance
31
This is a small amount awarded when there is a technical breach of contract but no injury.
Nominal
32
In the cases of doctors, lawyers, or accountants, this is the failure to perform with ability and care normally exercised by people in a profession.
Malpractice
33
These three words are regarding a person's right to sue must be exercised within a fixed amount of time.
Statute of Limitations
34
When a contract is breached, the aggrieved party may elect to do this.
Rescind
35
If the act called for in an alleged contract is ___________ to perform at the time the contract is made, no contract ever comes into existence.
Impossible
36
Money or property I might receive because of the breach of contract.
Damages
37
There are these many common methods by which contracts may be terminated.
Five
38
When of the parties fails or refuses to perform the obligations assumed under the contract then this happens.
Breach
39
These type of damages are what a party gets that equals the loss but no more.
Compensatory
40
If the tender is refused the debt is not __________.
Discharged
41
If one of the parties does this to a contract without the consent of the other parties then the innocent party is discharged.
Alters
42
A tender in the form of a check is not a proper tender. With a few minor exceptions, this is any form of US money
Legal
43
One party announces intention not to perform prior to time to perform
Anticipatory Breach
44
Failure or refusal to perform contractual obligations
Breach
45
Amount equal to the loss sustained
Compensatory Damages
46
Sum of money awarded to injured party
Damages
47
Contract provision excusing performance when extraordinary event occurs
Force Majeure Clause
48
Any form of lawful money
Legal Tender
49
Amount paid to one party to punish the other
Punitive Damages
50
Carrying out the terms of contract
Specific Performance
51
Time within which right to sue must be exercised or lost
Statute of Limitations
52
Offer and ability to pay money owed
Tender of Payment
53
1. When all terms of a contract have been fulfilled, the contract is discharged by novation.
False
54
2. Legal tender usually refers to any form of U.S. money.
True
55
3. If the tender used as payment is refused, the debt is discharged.
False
56
4. Satisfactory performance and substantial performance are the same thing.
False
57
5. Bankruptcy can discharge contracts.
True
58
6. A debt that has been outlawed by the statute of limitations can never be revived.
False
59
7. In some cases, a person other than the injured party of a contract may sue a professional person for malpractice.
True
60
8. A substantial, intentional alteration of a written contract without the consent of the other party discharges the contract.
True
61
9. An offer to perform an obligation in satisfaction of the terms of a contract is called:
Tender of Performance
62
10. If a contract involves specific subject matter, the destruction of this matter without the fault of the parties:
discharges the contract because of impossibility of performance
63
11. Causes of contracts being discharged because of impossibility of performance include:
a. new laws making the contract illegal. b. physical incapacity of persons to render personal services. c. wrongful acts of other parties. D. ALL OF THESE
64
12. If a plaintiff in a suit for breach of contract cannot prove any substantial loss but just wants to prove a point, the most likely type of damages she will get is called ________ damages.
Nominal
65
13. Damages paid to go beyond merely compensating to punishing the defendant are called ________.
Punitive Damages
66
14. In cases when neither a suit for damages nor rescission will constitute adequate remedy, what may be applied?
Suit for specific performance

Business Law (13 decks)

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