Exam 17: Performance,breach,and Discharge

Unless one of the parties contractually assumes the risk,the ____ discharges a contract if supervening circumstances make fulfillment of the purpose which both parties had in mind impossible.

A change in Sal's financial condition,making it impossible for him to fulfill a contractual obligation,would be considered objective impossibility,which would discharge his contractual duty.

After the coronation of Edward VII did not take place on the scheduled date and parties who had entered into contracts in anticipation of the event filed numerous suits,the doctrine of frustration of purpose was added to the law of contracts.

A person who has made a financially unsound contract may be relieved from performance under the doctrine of commercial impracticability.

Explain what may constitute a material breach and list the relevant factors in determining if a material breach exists.

Yasmin agrees to a three-year employment contract with State University as long as they become accredited after one year.This contract contains a "condition subsequent."

The "perfect tender rule" would allow a buyer to keep merchandise that deviates from the contract without having to perform himself.

Which of the following is a contract with a condition subsequent?

The Restatement of Restitution provides that a person who renders more advanced performance under a contract that is dismissed for impossibility is entitled to restitution.

Bill recently borrowed $50 from Ricardo for a couple of weeks.Bill,still short of cash,tells Ricardo,"I will wash and wax your car in exchange for the $50 I owe you." Ricardo tells Bill,"OK,that's great!" Ricardo's performance of his new duty will be a(n):

A contract may condition the duty to accept and pay for the performance of the other party upon the approval of a third party.

"Discharge" has to do with the termination of contractual duties.

Justin contracted with Kevin to serve as a guide for Kevin on his three-day rafting trip to Colorado.The contract was made on April 15 with the trip to begin on June 15.On May 15,Kevin notified Justin that he had changed his mind and would not be taking the trip.He also refused to pay Justin any compensation.In this case:

Belinda has a household insurance policy,which requires her to notify the insurance company within thirty days of any loss before she is eligible to receive payment for her loss.The notification requirement is a condition precedent to the insurance company's obligation to perform,even though the notification must occur subsequent to the loss.

A(n)____ is a substituted contract that involves an agreement among three parties to substitute a new promisee in place of an existing promisee,or to replace an existing promisor with a new one.

A contract contains the provision,"Walter Hamilton promises to pay Faye Weeks $1,600 for a 2012 V-6 motor provided that Phelps' Garage approves the quality of the motor." This provision:

The UCC is substantially the same as the common law with regard to the doctrine of material breach of contract.

The law assumes that respective performances under a contract are concurrent conditions,unless there is an agreement to the contrary.

William has a contract to build a new office building for Angela.The contract contains a provision requiring William to furnish a certificate of occupancy from the building inspector before Angela is required to pay.This provision is:

An intentional breach of contract is generally held to be material.