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Chapter 11 Flash Cards
Flash Cards
14
Business
10th Grade
02/27/2012

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Cards

Term
Discharged
Definition
When a contract ends.
Term
Performance
Definition
The parties fulfill the terms of the contract by doing what they had earlier promised.
Term
Complete Performance
Definition
When all terms of a contract have been carried out properly and completely.
Term
Reasonable Time
Definition
The time that is suitable, fair, and proper to the objective in view.
Term
Substantial Performance
Definition
Slightly less than fully performance.
Term
Tender
Definition
An offer to do what you have agreed to do under the terms of a contract.
Term
Legal Tender
Definition
U.S. Coin or currency.
Term
Mutual Release
Definition
Agreement between two parties to end an agreement.
Term
Accord and Satisfaction
Definition
Contract is discharged when one party to an agreement agrees to accept performance from the other party that is different from what was agreed upon in the original contract.
Term
Impossibility of Performance
Definition
Situation in which it is legally impossible to fulfill the obligations of the agreement.
Term
Operation of Law
Definition
A contract is discharged by the court because it is in the best interest of society.
Term
Bankruptcy Laws
Definition
Set procedures for discharging a debtor's obligations. The obligations still exist, but the debtor can no longer be imprisoned for failure to pay.
Term
Statue of limitations
Definition
The law that specifies the time within which a contract may be legally enforced.
Term
U.S. Coin Curency
Definition
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