BLAW 243- EXAM 2 PowerPoint 21 || ANSWERED
CORRECTLY TO PASS!!
Discharge of Contract correct answers 1. By Performance
2. By Breach
3. By Agreement
4. By Failure of a Condition
5. By Operation of Law
Duty to Perform may be either correct answers a. Absolute
b. Conditioned (qualified)
Contract must SPECIFY: correct answers A. Any conditions that apply
B. The consequences of that condition
- creates a duty
- suspends a duty
- terminates a duty
Conditions Precent correct answers Conditions that occurs BEFORE a contract becomes
binding
- duties of both parties are discharged
Ex: Alice will buy Ernie;s racehorse for $200,000 IF the horse passes a physical exam
Conditions Subsequent correct answers Conditions that occurs AFTER absolute duty of
performance arises
- terminate's a party's absolute promise
EX: Lawyer's contract with law firm states that firm's obligation to continue employing
lawyer is discharged if lawyer fails to maintains a law license to practice
Concurrent Conditions correct answers Conditions that occurs AT SAME TIME AS absolute
duty of performance arises
- neither can sue
Ex: Contracts for the sale of goods where the buyer promises to pay for goods when seller
delivers the foods
Val's Foods signs a contract to buy 1500 pounds of basil from Sun Farms, a small organic
herb grower, as long as an independent organization inspects the crop and certifies it contains
no pesticide or herbicide residue.
A. Condition Precedent
B. Condition Subsequent
C. Concurrent Condition correct answers A. Condition Precedent
, Dana has a homeowner's insurance policy with Geico. The policy states that the homeowner
has 12 months from the date of any loss to make a claim against Geico. Dana's house is
destroyed by fire. 13 months later, Dana makes a claim against the Geico. Which of the
following correctly characterizes the type of condition that appears in this contract?
A. Condition Precedent
B. Condition Subsequent
C. Concurrent Condition correct answers B. Condition Subsequent
Peter agrees to sell his textbook to Eve for $20. Eve agrees to buy the book for $20 on Friday
when Peter delivers the book.
Which of the following options correctly characterizes the type of condition that appears in
this contract?
A. Condition Precedent
B. Condition Subsequent
C. Concurrent Condition correct answers C. Concurrent Condition
A party can discharge his/her contractual obligations through correct answers A. Tender of
performance
B. Performance
Tender correct answers An unconditional OFFER to perform by a person who is ready,
willing, and able to perform.
A contract is discharged when both parties complete performance: correct answers 1.
Complete Performance
2. Substantial Performance
Complete Performance correct answers Strict Performance
- once a party performs EXACTLY as agreed, his obligations have been discharged
Substantial Performance correct answers a doctrine the court can invoke to determine a
party's obligations are discharged when a party substantially performs all terms of the
contract
- used when contract does NOT expressly/explicitly state x performance as a formal
condition that must be met.
Doctrine of Substantial Performance will ONLY be invoked when the breach is correct
answers Not Material
Court must be convinced that Party who has "substantially" but not "completely" performed
has correct answers 1. Acted in GOOD FAITH
2. Performed in a manner that does not vary considerably from the contractual promise work
3. Created substantially the same benefits as those promised under the contract.
CORRECTLY TO PASS!!
Discharge of Contract correct answers 1. By Performance
2. By Breach
3. By Agreement
4. By Failure of a Condition
5. By Operation of Law
Duty to Perform may be either correct answers a. Absolute
b. Conditioned (qualified)
Contract must SPECIFY: correct answers A. Any conditions that apply
B. The consequences of that condition
- creates a duty
- suspends a duty
- terminates a duty
Conditions Precent correct answers Conditions that occurs BEFORE a contract becomes
binding
- duties of both parties are discharged
Ex: Alice will buy Ernie;s racehorse for $200,000 IF the horse passes a physical exam
Conditions Subsequent correct answers Conditions that occurs AFTER absolute duty of
performance arises
- terminate's a party's absolute promise
EX: Lawyer's contract with law firm states that firm's obligation to continue employing
lawyer is discharged if lawyer fails to maintains a law license to practice
Concurrent Conditions correct answers Conditions that occurs AT SAME TIME AS absolute
duty of performance arises
- neither can sue
Ex: Contracts for the sale of goods where the buyer promises to pay for goods when seller
delivers the foods
Val's Foods signs a contract to buy 1500 pounds of basil from Sun Farms, a small organic
herb grower, as long as an independent organization inspects the crop and certifies it contains
no pesticide or herbicide residue.
A. Condition Precedent
B. Condition Subsequent
C. Concurrent Condition correct answers A. Condition Precedent
, Dana has a homeowner's insurance policy with Geico. The policy states that the homeowner
has 12 months from the date of any loss to make a claim against Geico. Dana's house is
destroyed by fire. 13 months later, Dana makes a claim against the Geico. Which of the
following correctly characterizes the type of condition that appears in this contract?
A. Condition Precedent
B. Condition Subsequent
C. Concurrent Condition correct answers B. Condition Subsequent
Peter agrees to sell his textbook to Eve for $20. Eve agrees to buy the book for $20 on Friday
when Peter delivers the book.
Which of the following options correctly characterizes the type of condition that appears in
this contract?
A. Condition Precedent
B. Condition Subsequent
C. Concurrent Condition correct answers C. Concurrent Condition
A party can discharge his/her contractual obligations through correct answers A. Tender of
performance
B. Performance
Tender correct answers An unconditional OFFER to perform by a person who is ready,
willing, and able to perform.
A contract is discharged when both parties complete performance: correct answers 1.
Complete Performance
2. Substantial Performance
Complete Performance correct answers Strict Performance
- once a party performs EXACTLY as agreed, his obligations have been discharged
Substantial Performance correct answers a doctrine the court can invoke to determine a
party's obligations are discharged when a party substantially performs all terms of the
contract
- used when contract does NOT expressly/explicitly state x performance as a formal
condition that must be met.
Doctrine of Substantial Performance will ONLY be invoked when the breach is correct
answers Not Material
Court must be convinced that Party who has "substantially" but not "completely" performed
has correct answers 1. Acted in GOOD FAITH
2. Performed in a manner that does not vary considerably from the contractual promise work
3. Created substantially the same benefits as those promised under the contract.
