LSB 3213 Exam 4 Practice Questions and Answers
A condition precedent must be met before a party's performance can be
required. - Answer️️ -True
A party normally satisfies its duties under a contract by novation. -
Answer️️ -False
Complete performance occurs when conditions in a contrac...
A condition precedent must be met before a party's performance can be
required. - Answer✔️✔️-True
A party normally satisfies its duties under a contract by novation. -
Answer✔️✔️-False
Complete performance occurs when conditions in a contract are -
Answer✔️✔️-fully satisfied.
Performance that provides a party with most of the benefits of a contract, in
spite of a deviation from the terms, is - Answer✔️✔️-substantial
performance.
An intention variation from a contract prevents substantial performance. -
Answer✔️✔️-False
Anything less than complete performance is a material breach of contract. -
Answer✔️✔️-False
Any breach allows the nonbreaching party to cancel the contract. -
Answer✔️✔️-False
After a contract is made, a supervening event may make performance -
Answer✔️✔️-impossible and discharge the contract.
City Restoration Corporation substantially performs its contract with
Downtown Apartments, Inc. Downtown is entitled to - Answer✔️✔️-
damages.
Building Restoration, Inc. (BRI), enters into a contract to refurbish an old
train depot for Casual Dining, Inc., to open as Eat Up Restaurant. If BRI
completes most of the work promised in the contract, its performance will
be - Answer✔️✔️-substantial.
Super Toolmakers, Inc., contracts to sell its business to True Hardware
Corporation. Before either party has performed, rescission of this contract
requires - Answer✔️✔️-a mutual agreement to rescind.
Mona and Nero want to discharge their contract by executing and
performing a new agreement. They can best accomplish this by -
Answer✔️✔️-accord and satisfaction.
The assignment of same contract right to two different parties result in
their "splitting the difference." - Answer✔️✔️-False
Musical Production Company and Nora enter into a contract for Nora to
write six songd for which Musical agrees to pay her. Nora transfers her
right to payment under the contract to Omni Entertainment Agency. Nora
is - Answer✔️✔️-an assignor
An incidental benificiary is not entitled to enforce the promise of a
promisor. - Answer✔️✔️-True
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