Term
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Definition
| It is the completion of that which is required by the K according to the terms of the K. It is a way to discharge the contract. |
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Definition
| An event or circumstance that must occur before a contract obligation comes into existence. Ex. Real estate contract inspection |
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Definition
| An event or circumstance that occurs after the contract is made that either triggers or terminates the obligations of the party. Ex. Keeping jewelry safe at a show. |
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Definition
| The legal concept that if defects in performance are minor the court will not find the party in breach. |
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Term
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Definition
| Failure to perform an obligation under a contract. |
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Definition
| The cancellation of a contract by the act of a part; may be by mutual consent of the parties |
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Term
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Definition
| Cancellation of a contract by both parties. |
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Term
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Definition
| The act of giving up or discharging a claim or right to the person whom the claim exists or against whom the right is enforceable. |
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Term
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Definition
| Novel, meaning new. Is a contract in which the obligation of an old K are assumed by a new party. |
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Term
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Definition
| A new agreement between two parties, one whom has a claim against the other in which the claimant accepts a compromise in full satisfaction of the claim. |
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Term
| Impossibility/impracticability |
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Definition
| Excused for performing because its impracticable. Ex. Destruction or subject matter or super ending illegality. |
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Term
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Definition
| Something that happens between two other events; something happens between the entering of the K and performance. |
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Term
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Definition
| Where the purpose of the contract no longer exists, performance can be excused. |
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Term
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Definition
| When a party announces his intentions not to perform, then we can anticipate a breach. |
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Term
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Definition
| Stopping performance to lessen pain, damages as much as possible. |
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Term
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Definition
| A special federal procedure by which a debtor can submit his assets to the court and receive a discharge of most of his debts. |
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Term
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Definition
| Laws prescribing the maximum time allowed within which to bring a lawsuit or forever lose the right to do so. |
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Term
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Definition
| ? It is a new contract that changes the obligation under the original contract. |
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Term
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Definition
| We do whatever has to be done until the K is completed. |
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