Exam (elaborations)
WGU D216 UNIT 5
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- Institution
Exam of 8 pages for the course WGU D216 at WGU D216 (WGU D216 UNIT 5)
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WGU D216 UNIT5
WGU D216
Evatee 9/7/24 WGU D216
, WGU D216 UNIT 5
discharge in bankruptcy Answer - The release of a debtor from all debts that
are provable, except those specifically excepted from discharge by statute.
impossibility of performance Answer - 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 (through no fault of either party).
commercial impracticability Answer - 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 impracticable, and (3) the
nonoccurrence of the contingency was a basic assumption on which the
contract was made.
frustration of purpose Answer - 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 (due to reasons beyond that party's
control).
waiver Answer - An intentional, knowing relinquishment of a legal right.
Tender of delivery Answer - Under the Uniform Commercial Code, a seller's or
lessor's act of placing conforming goods at the disposal of the buyer or lessee
and giving the buyer or lessee whatever notification is reasonably necessary to
enable the buyer or lessee to take delivery.
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