B Law Ch 17

Front 1

an assertion or action by a party indicating that he will not perform an obligation that the party is contractually obligated to perform at a future time

Back 1

anticipatory repudiation

Front 2

the failure, without legal excuse, of a promisor to perform obligations of a contract

Back 2

breach of contract

Front 3

seller may be excused from performing contract if:
1) contingency occurs
2) contingency's occurence makes performance impracticable &
3) nonoccurence of contingency was a basic assumption on which the contract was made

Back 3

commercial impracticability

Front 4

conditions in a contract that must occur or be performed at same time;
mutually dependent. No obligations arise until these conditions are simultaneously performed

Back 4

concurrent conditions

Front 5

possible future event, occurrence or nonoccurence of which will trigger performance of legal obligation or terminate an existing obligation under a contract

Back 5

condition

Front 6

condition in a contract that operates to terminate a party's absolute to perform

Back 6

condition subsequent

Front 7

condition in a contract that must be met before a party's promise becomes absolute

Back 7

condition precedent

Front 8

termination of an obligation; when parties have fully perfomed their contractual obligation or when events, conduct of parties, or operation of law release parties from performance

Back 8

discharge

Front 9

release of a debtor from all debts that are provable, except those specifically excepted from discharge by statute

Back 9

discharge in bankruptcy

Front 10

contract-created doctrine under which a party fo a contract will be relieved of his duty to perform when objective purpose for performance not longer exists

Back 10

frustration of purpose

Front 11

doctrine under which a party to a contract is relieved of his duty to perform when performance becomes impossible/totally impracticable

Back 11

impossibility of performance

Front 12

agreement between two parties to cancel their contract, releasing parties from further obligations under the contract

Back 12

mutual rescission

Front 13

substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated

Back 13

novation

Front 14

fulfillment of one's duties arising under a contract with another;
normal way of discharging one's contractual obligations

Back 14

performance

Front 15

unconditional offer to perform an obligation by a person who is ready, willing, and able to do so

Back 15

tender