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14 Cards in this Set
- Front
- Back
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Discharge
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terminate one's contractual duties
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Performance
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completion of duties in a contract
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Condition
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a possible future event, the occurrence or nonoccurence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract
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Condition precedent
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a condition that must be fulfilled before a party's performance can be required
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Condition subsequent
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when a condition operates to terminate a party's absolute promise to perform.
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concurrent conditions
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when each party's performance is conditioned on the other party's performance or tender of performance
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Tender
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an unconditional offer to perform by a person who is ready, willing, and able to do so
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breach of contract
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nonperformance of a contractual duty
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Anticipatory repudiation
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before either party to a contract has a duty to perform, one of the parties may refuse to carry out his or her contractual obligations
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mutual rescission
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parties must make another agreement that also satisfies the legal requirements for a contract
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discharge in bankruptcy
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bar enforcement of most of the debtor's contracts by the creditors
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impossibility of performance
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supervening events that make performance of the the contract impossible
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Commercial Impracticably
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when an event becomes much more difficult or expensive to perform
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frustration of purpose
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contract will be discharged if supervening circumstances make it impossible to attain the purpose both parties had in mind when making the contract
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