Shared Flashcard Set

Details

Business Law-Chapter 17
Business Law. Chapter Seventeen. Performance and Discharge.
15
Law
Undergraduate 4
02/19/2014

Additional Law Flashcards

 


 

Cards

Term

anticipatory repudiation

 

Definition
before either party to a contract has a duty to perform, one of the parties may refuse to carry out his or her contractual obligations
Term

breach of contract

 

Definition
the nonperformance of a contractual duty
Term
commercial impracticability
Definition
when a supervening event does not render performance objectively impossible, but does make it much more difficult or expensive to perform, the courts may excuse the parties' obligations under the contract
Term

concurrent conditions

 

Definition
when each party's performance is conditioned on the other party's performance or tender of performance (offer to perform); only occurs when the contract calls for the parties to perform their respective duties simultaneously
Term

condition

 

Definition
a possible future event, the occurrence or nonoccurence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract; if this is not satisfied, the obligations of the parties are discharged
Term

condition precedent

 

Definition
a condition that must be fulfilled before a party's performance can be required
Term

condition subsequent

 

Definition
when a condition operates to terminate a party's absolute promise to perform
Term

discharge

 

Definition
terminate (one's contractual duties)
Term

discharge in bankruptcy

 

Definition
will ordinarily bar enforcement of most of the debtor's contracts by the creditors
Term

frustration of purpose

 

Definition
a contract will be discharged if supervening circumstances make it impossible to attain the purpose both parties had in mind when making the contract
Term

impossibility of performance

 

Definition
after a contract has been made, supervening events (such as a fire) may make performance impossible in an objective sense; can discharge a contract
Term

mutual rescission

 

Definition
the parties must make another agreement that also satisfies the legal requirements for a contract
Term

novation

 

Definition
occurs when both of the parties to a contract agree to substitute a third party for one of the original parties; discharges a prior contract
Term

performance

 

Definition
completing the duties of a contract
Term
tender
Definition
an unconditional offer to perform by a person who is ready, willing, and able to do so
Supporting users have an ad free experience!