TTU BLAW 3391 Exam 2 Questions With
Verified Answers
How can a person discharge their duty under a contract?
-Failure of condition (precedent/ subsequent)
-Performance (fulfilling one's contractual obligation)
-Breach (breaking the contract)
-Operation of law (relief by a court by reason of law)
-Agreement (potentially a subsequent contract)
Discharge
termination of a contractual obligation
Contract Discharge by Performance
-Complete
-Substantial
Contract Discharge by Agreement
-Mutual Rescission (offer, acceptance, consideration)
-Novation (substitution)
-Accord and satisfaction (accept performance different from performance originally
promised)
Discharge by Novation
-Previous valid obligation
-Agreement by all the party's to a new contract with a new obligator
-Extinguishing of old obligations
-New,valid contract
Contract Discharge by Breach
-Material Breach
-Anticipatory Breach
, Contract Discharge by Operation of Law
-Material alteration
-Statutes of Limitation
-Bankruptcy
-Frustration of Purpose
-Impossibility or Impracticability of Performance
Contract Discharge by Failure of Condition
If performance is conditional, duty to perform does NOT become absolute until that
condition occurs
Anticipatory Repudiation
An assertion or action by a party indicating that he/she will NOT perform a contractual
obligation
Anticipatory Repudiation
-Treated as a material breach
-Nonbreaching party is permitted to bring an action for damages immediately
-Breaching party can retract by proper notice and restore the parties to their original
obligations until nonbreaching party treats as a breach
Breach of Contract
Failure, without legal excuse, of a promisor to perform the obligations of a contract
Commercial Conditions
Conditions that must occur or be performed at the same time- they are mutually
dependent.
-No obligations arise until these conditions are simultaneously performed.
Condition
A qualification in a contractual agreement, the occurence or nonoccurence of which
creates, suspends, or terminates the obligation of the parties
Condition precedent
A condition in a contract that, if it occurs, operates to terminate a parties absolute
promise to perform
Frustration of Purpose
Verified Answers
How can a person discharge their duty under a contract?
-Failure of condition (precedent/ subsequent)
-Performance (fulfilling one's contractual obligation)
-Breach (breaking the contract)
-Operation of law (relief by a court by reason of law)
-Agreement (potentially a subsequent contract)
Discharge
termination of a contractual obligation
Contract Discharge by Performance
-Complete
-Substantial
Contract Discharge by Agreement
-Mutual Rescission (offer, acceptance, consideration)
-Novation (substitution)
-Accord and satisfaction (accept performance different from performance originally
promised)
Discharge by Novation
-Previous valid obligation
-Agreement by all the party's to a new contract with a new obligator
-Extinguishing of old obligations
-New,valid contract
Contract Discharge by Breach
-Material Breach
-Anticipatory Breach
, Contract Discharge by Operation of Law
-Material alteration
-Statutes of Limitation
-Bankruptcy
-Frustration of Purpose
-Impossibility or Impracticability of Performance
Contract Discharge by Failure of Condition
If performance is conditional, duty to perform does NOT become absolute until that
condition occurs
Anticipatory Repudiation
An assertion or action by a party indicating that he/she will NOT perform a contractual
obligation
Anticipatory Repudiation
-Treated as a material breach
-Nonbreaching party is permitted to bring an action for damages immediately
-Breaching party can retract by proper notice and restore the parties to their original
obligations until nonbreaching party treats as a breach
Breach of Contract
Failure, without legal excuse, of a promisor to perform the obligations of a contract
Commercial Conditions
Conditions that must occur or be performed at the same time- they are mutually
dependent.
-No obligations arise until these conditions are simultaneously performed.
Condition
A qualification in a contractual agreement, the occurence or nonoccurence of which
creates, suspends, or terminates the obligation of the parties
Condition precedent
A condition in a contract that, if it occurs, operates to terminate a parties absolute
promise to perform
Frustration of Purpose
