Term
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Definition
| contracts containing conditions affecting the performance obligations of the parties |
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Term
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| particular event that must occur in order for a party’s duty to arise |
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| future event that terminates the obligations of the parties when it occurs |
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Definition
| each party’s performance is conditioned on the performance of the other |
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Definition
| making an offer to perform and being ready, willing, and able to perform |
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Definition
| all aspects of the parties' duties under the contract are carried out perfectly |
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Term
| Substantial performance (requires 3 conditions) |
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Definition
Completion of nearly all of the terms
Honest effort to complete the terms
No willful departure from the terms |
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Definition
| occurs when a party unjustifiably fails to substantially perform obligations under the contract |
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Definition
| is a term in the law of contracts that describes a declaration by the promising party to a contract, that he or she does not intend to live up to his or her obligations under the contract. |
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Definition
| When parties agree to discharge each other from contract obligations and therefore cancel the contract |
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Definition
| Both parties agree to substitute and new agreement in place of the original |
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Term
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Definition
| One of the parties wishes to substitute a difference performance for his original duty under the contract |
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Term
| Commercial impracticability (requires 3 elements) |
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Definition
• An event occurred whose nonoccurrence was a basic assumption of the contract
• There is commercial impracticability of continued performance
• The party claiming discharge did not expressly or impliedly agree to performance in spite of impracticability that would otherwise justify nonperformance |
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Definition
| Foreseeable damages that result from special facts and circumstances arising outside the contract itself |
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Definition
| termination of the contract |
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Definition
| return of any property given up under the contract |
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Term
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Definition
| order either forcing a person to do something or prohibits them from doing something |
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