Chapter 17 - Performance & Discharge

Question 0

Breach of Contract

Answer 0

The failure, without legal excuse, of a promisor to perform the obligations of a contract.

Question 1

Anticipatory Repudiation

Answer 1

An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.

Question 2

Commercial Impracticability

Answer 2

A doctrine under which a seller may be excused from performing a contract when 1) a contingency occurs 2) the contingency’s occurrence makes performance impractical 3) the nonoccurrence was a basic assumption on which the contract was made.

Question 3

Concurrent Conditions

Answer 3

Conditions in a contract that must occur or be performed at the same time they are mutually dependent. No obligations arise until these conditions are simultaneously performed.

Question 4

Condition

Answer 4

A possible future event, the occurrence or nonoccurrence of which will tigger the performance of a legal obligation or terminate an existing obligation under a contact.

Question 5

Conduction Precedent

Answer 5

A condition in a contract that must be met before a party’s promise becomes absolute.

Question 6

Condition Subsequent

Answer 6

A condition in a contract that operates to terminate a party’s absolute promise to perform.

Question 7

Discharge

Answer 7

The termination of an obligation. 1) in contract law, discharge occurs when the parties have fully performed their contractual obligations or when events conduct of the parties or operation of the law releases the parties from performance. 2) In bankruptcy proceedings, the extinction of the debtors dischargeable debts.

Question 8

Discharge in Bankruptcy

Answer 8

The release of a debtor from all debts that are provable except those specifically excepted from discharge by statue.

Question 9

Frustration of purpose

Answer 9

A court-created doctrine under which a party to a contract will be relieved of his or her duty to perform when the objective purpose for performance no longer exists.

Question 10

Impossibility of performance

Answer 10

A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes impossible or totally impracticable.

Question 11

Mutual Rescission

Answer 11

An agreement between the parties to cancel their contract, releasing the parties from further obligations under the contract. The object of the agreement is to restore the parties to the positions they would have occupied had no contract ever been formed.

Question 12

Novation

Answer 12

The substitution by agreement of a new contract for an old one with the rights under the old one being terminated.

Question 13

Performance

Answer 13

In contract law, the fulfillment of ones duties arising under a contract with another; the normal way of discharging ones contractual obligations.

Question 14

Tender

Answer 14

An unconditional offer to perform an obligation by a person who is ready willing and able to do so.