BUL 4421 QUESTIONS AND ANSWERS LATEST
UPDATE (ALREADY GRADED A+).
Types of Conditions (3):
1. Condition precedent
2. Conditions subsequent
3. Conditions concurrent
Condition precedent
The party's duty to perform arises after a particular event occurs
Under conditional precedent, If the event never occurs, the party's duty to perform
never arises and the parties are thus discharged from the contract.
Conditions subsequent
The party has a duty to perform until a future event occurs that discharges the party
Conditions concurrent
the party's duty to perform requires that each party perform for the other at the same time
Satisfaction Contracts (4):
1. The party is not discharged from the contract until the other party is satisfied with performance
2. Satisfaction is considered an express condition that must be met before the other party's obligation
to pay for the performance arises.
3. Satisfaction may be judged according to either a subjective or objective standard.
4. If the contract does not clearly specify that the satisfaction is to be objective standard.
Anticipatory Repudiation
When breaching party conveys an express indication of his/her intent to no longer perform or by
taking an action that would be inconsistent with his/her ability to carry out the contract prior to the time
when such performance is due the objective standard applies.
Anticipatory Repudiation allows the non-breaching party to
be discharged from his/her obligations under the contract and is free to go ahead and sue for the breach
even though performance is not yet due.
Equitable Remedies
Rescission and Restitution
Rescission and Restitution
The termination of the contract and the return of the parties to their pre-contract status
, Types of Damages (5):
1. Compensatory Damages
2. Nominal damages
3. Punitive Damages
4. Liquidated Damages
5. Mitigation of Damages
Compensatory Damages
Damages designed to put the plaintiff in the position he or she would have been in had the contract
been fully performed.
Nominal damages
Token damages that merely recognize that the plaintiff has been wronged.
Punitive Damages
Damages designed to punish the defendant
Liquidated Damages
Damages specified in advance of the contract
Mitigation of Damages
The duty to mitigate one's damages is that plaintiff must demonstrate that he/she used reasonable
efforts to minimize the damages resulting from the defendant's breach.
IX. Chapter 50: Landlord-Tenant Law
IX. Chapter 50: Landlord-Tenant Law
Categories of leases that can be created: (4)
1. Definite-term
2. Period-Tenancy
3. Tenancy-at-will
4. Tenancy-at-sufferance
Definite-term
aka term for years; automatically expires at the end of the specified term
landlord not required to give any notice of termination
Period-Tenancy
created for a recurring term such as month to month
either party can term; req'd to give sufficient notice
UPDATE (ALREADY GRADED A+).
Types of Conditions (3):
1. Condition precedent
2. Conditions subsequent
3. Conditions concurrent
Condition precedent
The party's duty to perform arises after a particular event occurs
Under conditional precedent, If the event never occurs, the party's duty to perform
never arises and the parties are thus discharged from the contract.
Conditions subsequent
The party has a duty to perform until a future event occurs that discharges the party
Conditions concurrent
the party's duty to perform requires that each party perform for the other at the same time
Satisfaction Contracts (4):
1. The party is not discharged from the contract until the other party is satisfied with performance
2. Satisfaction is considered an express condition that must be met before the other party's obligation
to pay for the performance arises.
3. Satisfaction may be judged according to either a subjective or objective standard.
4. If the contract does not clearly specify that the satisfaction is to be objective standard.
Anticipatory Repudiation
When breaching party conveys an express indication of his/her intent to no longer perform or by
taking an action that would be inconsistent with his/her ability to carry out the contract prior to the time
when such performance is due the objective standard applies.
Anticipatory Repudiation allows the non-breaching party to
be discharged from his/her obligations under the contract and is free to go ahead and sue for the breach
even though performance is not yet due.
Equitable Remedies
Rescission and Restitution
Rescission and Restitution
The termination of the contract and the return of the parties to their pre-contract status
, Types of Damages (5):
1. Compensatory Damages
2. Nominal damages
3. Punitive Damages
4. Liquidated Damages
5. Mitigation of Damages
Compensatory Damages
Damages designed to put the plaintiff in the position he or she would have been in had the contract
been fully performed.
Nominal damages
Token damages that merely recognize that the plaintiff has been wronged.
Punitive Damages
Damages designed to punish the defendant
Liquidated Damages
Damages specified in advance of the contract
Mitigation of Damages
The duty to mitigate one's damages is that plaintiff must demonstrate that he/she used reasonable
efforts to minimize the damages resulting from the defendant's breach.
IX. Chapter 50: Landlord-Tenant Law
IX. Chapter 50: Landlord-Tenant Law
Categories of leases that can be created: (4)
1. Definite-term
2. Period-Tenancy
3. Tenancy-at-will
4. Tenancy-at-sufferance
Definite-term
aka term for years; automatically expires at the end of the specified term
landlord not required to give any notice of termination
Period-Tenancy
created for a recurring term such as month to month
either party can term; req'd to give sufficient notice
