Legal Environment of Business Exam 3 - CH 17 Question and answers verified to pass
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Course
LSTD 2106
Institution
LSTD 2106
Legal Environment of Business Exam 3 - CH 17 Question and answers verified to pass
Conditions - correct answer A condition is an event whose happening or nonhappening affects a duty of performance.
- Express Conditions
- Implied-in-Fact Conditions
- Implied-in-Law Conditions
- Concurrent C...
Legal Environment of Business Exam 3 -
CH 17 Question and answers verified to
pass
Conditions - correct answer ✔A condition is an event whose happening or
nonhappening affects a duty of performance.
- Express Conditions
- Implied-in-Fact Conditions
- Implied-in-Law Conditions
- Concurrent Conditions
- Condition Precedent
- Condition Subsequent
Express Conditions - correct answer ✔An express condition is explicitly set
forth in language. It exists where performance is explicitly made contingent on
the happening or nonhappening of a stated event.
- Satisfaction of a Contracting Party
- Satisfaction of a Third Party
Satisfaction of a Contracting Party - correct answer ✔The parties to a
contract may agree that performance by one of them shall be to the
satisfaction of the other, who will not be obligated to perform unless he is
satisfied. This is an express condition to the duty to perform. If the contract
does not clearly indicate that satisfaction is subjective, the law assumes an
objective satisfaction standard.
Satisfaction of a Third Party - correct answer ✔A contract may condition the
performance of a party on the approval of a third party.
,Implied-in-Fact Conditions - correct answer ✔These are conditions that are
understood but not expressed. They may be inferred from terms of the
contract, nature of the transaction, or conduct of the parties.
Implied-in-Law Conditions - correct answer ✔These are not contained in the
language of the contract or inferred from it but are imposed by law in order to
accomplish a just and fair result.
Concurrent Conditions - correct answer ✔These occur when the mutual
duties of performance are to take place at the same time.
Condition Precedent - correct answer ✔This is an event which must occur or
not occur before performance is due
Condition Subsequent - correct answer ✔This is an event which terminates
an existing duty of performance.
Discharge by Performance - correct answer ✔- A discharge is a termination
of a contractual duty.
- Performance is the fulfillment of a contractual obligation.
- Discharge by performance is the most frequent method of discharging a
contractual duty.
- A tender is an offer of performance. In a bilateral contract, the refusal of a
tender is a repudiation that discharges the tendering party from further duty to
perform the contract.
Discharge by Breach - correct answer ✔A breach is a wrongful failure to
perform the terms of a contract. A breach is always a basis for an action for
damages by the injured party.
- Material Breach
, - Substantial Performance
- Anticipatory Repudiation
- Material Alteration of Written Contract
Material Breach - correct answer ✔An unjustified failure to substantially
perform the promised obligations in a contract is a material breach. An
uncured material breach by one party discharges the aggrieved party from
any further duty under the contract.
- Prevention of Performance
- Perfect Tender Rule
Prevention of Performance - correct answer ✔One party's substantial
interference with or prevention of performance by the other generally
constitutes a material breach and discharges the other party to the contract.
Perfect Tender Rule - correct answer ✔The Code alters the common law
doctrine of material breach by adopting what is known as the perfect tender
rule. This rule says that performance must strictly comply with contractual
duties and any deviation discharges the aggrieved party.
Substantial Performance - correct answer ✔This is performance that is
incomplete but basically fulfills the purpose of the contract. If a party
substantially performs, the common law will generally allow that party to
obtain the other party's performance less any damages caused by the partial
performance.
Anticipatory Repudiation - correct answer ✔This is a breach of contract
before performance is due by announcing that one will not perform or by
committing an act which makes it impossible to perform. Anticipatory
repudiation is treated as a breach, discharging the non-repudiating party and
permitting her to bring suit immediately as if it were a breach.
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