Term
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Definition
| action releasing you from completion of contract |
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Term
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Definition
1. Covenant/Promise
2. Condition |
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Term
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Definition
1. Condition Precedent
2. Condition Subsequent
3. Condition Concurrent |
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Term
| Time (tender) of Performance |
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Definition
If time is of the essence (time is material). This is specified in K. If NOT specified - it's reasonable performance
Depends on facts of given contract |
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Term
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Definition
An offer to perform something if someone tenders payment you still owe principal
2 types:
1. Cash
2.Check aka: conditional payment |
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Term
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Definition
Having to accept anything but exactly what was ordered.
Right to get what you asked for. |
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Term
| Substantial Performance Doctrine |
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Definition
| Exception to the rule of perfect tender. Equitable rule that if good faith attempt to perform does not precisely meet the terms of the agreement, the agreement will still be considered complete if the essential purpose accomplished. |
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Term
2 Things that the Breach can't be:
LIST |
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Definition
1. Material
2. Intentional |
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Term
| 8 Ways a Contract is Discharged by Agreement |
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Definition
1. Mutual Cancelation
2. Mutual Recession
3. Substitution
4. Novation (same agreement, new parties)
5. Accordant Satisfaction
6. Settle
7. Release
8. Waiver |
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Term
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Definition
| Objective. Based on fact that thing can't be done due to external conditions. |
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Term
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Definition
Suspends the duty to perform.
Does not terminate K.
Common Law
ex: weather |
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Term
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Definition
Change in Circumstances - the purpose of K has no value to the party entitled to receive performance
ex: guys get room to see a parade - route of parade changes. Room = useless |
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Term
| Commercial Impracticability |
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Definition
| UCC applies to sale. Imposed to deal with the harsh rules that a party must perform its contracts unless it's absolutely impossible. |
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Term
| Discharge By Operation of Law |
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Definition
Discharge a K when:
1. An alteration or change is made by a party
2. The destruction of written contract with intent to discharge it
3. Bankruptcy
4. Operation of Statute of Limitations
5. Contractual limitations |
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Term
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Definition
| Surrendering all assets when one is unable to pay debts. Results in discharge for unpaid balance or debt. |
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Term
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Definition
Statute that restricts the period of time in which a lawsuit can be brought against someone.
The MAX period of judgements is 10-20 years. |
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