Clep Blaw Performance Discharge Breach

Front 1

Define Condition

Back 1

an event whose happening or nonhappening affects a duty of performance

Front 2

Express condition

Back 2

contingency is explicitly set fort in language

Front 3

satisfaction

Back 3

express condition making performance contingent on one party's approval of the other's performance

Front 4

the two types of satisfaction

Back 4

subjective and objective satisfaction

Front 5

subjective satisfaction

Back 5

approval based on a party's honestly held opinion

Front 6

objective satisfaction

Back 6

approval based on whether a reasonable person would be satisfied

Front 7

In regards to employment contracts, what time of satisfaction is most commonly used

Back 7

subjective satisfaction

Front 8

Implied-in-Fact condition

Back 8

contingency understood by the parties to be part of the agreement, although it is not explicitly expressed

Front 9

Implied-in-Law condition

Back 9

contingency not contained in the language of the contract but imposed by law; also called a constructive condition

Front 10

concurrent conditions

Back 10

conditions that are to take place at the same time

Front 11

condition precedent

Back 11

an event that must or must not occur before performance is due

Front 12

condition subsequent

Back 12

an event that terminates a duty of performance

Front 13

How are conditions classified?

Back 13

conditions are classified on HOW they are expressed and WHEN they take place

Front 14

Define Discharge

Back 14

termination of contractual duty

Front 15

Define Performance

Back 15

fulfillment of a contractual obligation resulting in a discharge

Front 16

Define Breach

Back 16

a wrongful failure to perform the terms of a contract that gives rise to a right to damages by the injured party

Front 17

Material Breach

Back 17

nonperformance that significantly impairs the injured party's rights under the contract and discharges the injured party from any further duty under the contract

Front 18

Prevention of performance

Back 18

one party's substantial interference with or prevention of performance by the other constitutes a material breach and discharges the other party to the contract

Front 19

perfect tender rule

Back 19

standard under the UCC that a seller's performance under a sales contract must strictly comply with contractual duties and that any deviation discharges the injured party

Front 20

Substantial performance

Back 20

performance that is incomplete but that does not defeat the purpose of the contract; does not discharge the injured party but entitles him to damages

Front 21

anticipatory repudiation

Back 21

an inability or refusal to perform, before performance is due, that is treated as a breach, allowing the nonrepudiating party to bring suit immediately

Front 22

material alteration of written contract

Back 22

a material and fraudulent alteration of a written contract by a party to the contract discharges the entire contract

Front 23

Mutual recission

Back 23

an agreement between the parties to terminate their respective duties under the contract

Front 24

substituted contract

Back 24

a new contract accepted by both parties in satisfaction of the parties' duties under the original contract

Front 25

accord and satisfaction

Back 25

substituted duty under a contract (accord) and the discharge of the prior contractual obligation by performance of the new duty (satisfaction)

Front 26

Novation

Back 26

a substituted contract involving a new third-party promisor or promisee

Front 27

Impossibility

Back 27

performance of contract cannot be done

Front 28

Subjective impossibility

Back 28

the promisor - but not all promisors - cannot perform; does not discharge the promisor

Front 29

Objective impossibility

Back 29

no promisor is able to perform - generally discharges the promisor

Front 30

subsequent illegality

Back 30

if performance becomes illegal or impractical as a result of a change in the law, the duty of performance is dischargesd

Front 31

commercial impracticability

Back 31

where performance can be accomplished only under unforseen and unjust hardship, the contract is discharged under the Code and the Restatement

Front 32

Bankruptcy

Back 32

discharge available to a debtor who obtains an order of discharge by the bankruptcy court

Front 33

Statute of Limitations

Back 33

after the statute of limitations has run, the debt is not discharge, but the creditor cannot maintain an action against the debtor

Front 34

What are the different types of discharge?

Back 34

discharge by performance, discharge by breach, discharge by aggreement of parties, discharge by operation of law

Front 35

Define Condition

Back 35

an event whose happening or nonhappening affects a duty of performance

Front 36

Express condition

Back 36

contingency is explicitly set fort in language

Front 37

satisfaction

Back 37

express condition making performance contingent on one party's approval of the other's performance

Front 38

the two types of satisfaction

Back 38

subjective and objective satisfaction

Front 39

subjective satisfaction

Back 39

approval based on a party's honestly held opinion

Front 40

objective satisfaction

Back 40

approval based on whether a reasonable person would be satisfied

Front 41

In regards to employment contracts, what time of satisfaction is most commonly used

Back 41

subjective satisfaction

Front 42

Implied-in-Fact condition

Back 42

contingency understood by the parties to be part of the agreement, although it is not explicitly expressed

Front 43

Implied-in-Law condition

Back 43

contingency not contained in the language of the contract but imposed by law; also called a constructive condition

Front 44

concurrent conditions

Back 44

conditions that are to take place at the same time

Front 45

condition precedent

Back 45

an event that must or must not occur before performance is due

Front 46

condition subsequent

Back 46

an event that terminates a duty of performance

Front 47

How are conditions classified?

Back 47

conditions are classified on HOW they are expressed and WHEN they take place

Front 48

Define Discharge

Back 48

termination of contractual duty

Front 49

Define Performance

Back 49

fulfillment of a contractual obligation resulting in a discharge

Front 50

Define Breach

Back 50

a wrongful failure to perform the terms of a contract that gives rise to a right to damages by the injured party

Front 51

Material Breach

Back 51

nonperformance that significantly impairs the injured party's rights under the contract and discharges the injured party from any further duty under the contract

Front 52

Prevention of performance

Back 52

one party's substantial interference with or prevention of performance by the other constitutes a material breach and discharges the other party to the contract

Front 53

perfect tender rule

Back 53

standard under the UCC that a seller's performance under a sales contract must strictly comply with contractual duties and that any deviation discharges the injured party

Front 54

Substantial performance

Back 54

performance that is incomplete but that does not defeat the purpose of the contract; does not discharge the injured party but entitles him to damages

Front 55

anticipatory repudiation

Back 55

an inability or refusal to perform, before performance is due, that is treated as a breach, allowing the nonrepudiating party to bring suit immediately

Front 56

material alteration of written contract

Back 56

a material and fraudulent alteration of a written contract by a party to the contract discharges the entire contract

Front 57

Mutual recission

Back 57

an agreement between the parties to terminate their respective duties under the contract

Front 58

substituted contract

Back 58

a new contract accepted by both parties in satisfaction of the parties' duties under the original contract

Front 59

accord and satisfaction

Back 59

substituted duty under a contract (accord) and the discharge of the prior contractual obligation by performance of the new duty (satisfaction)

Front 60

Novation

Back 60

a substituted contract involving a new third-party promisor or promisee

Front 61

Impossibility

Back 61

performance of contract cannot be done

Front 62

Subjective impossibility

Back 62

the promisor - but not all promisors - cannot perform; does not discharge the promisor

Front 63

Objective impossibility

Back 63

no promisor is able to perform - generally discharges the promisor

Front 64

subsequent illegality

Back 64

if performance becomes illegal or impractical as a result of a change in the law, the duty of performance is dischargesd

Front 65

commercial impracticability

Back 65

where performance can be accomplished only under unforseen and unjust hardship, the contract is discharged under the Code and the Restatement

Front 66

Bankruptcy

Back 66

discharge available to a debtor who obtains an order of discharge by the bankruptcy court

Front 67

Statute of Limitations

Back 67

after the statute of limitations has run, the debt is not discharge, but the creditor cannot maintain an action against the debtor

Front 68

What are the different types of discharge?

Back 68

discharge by performance, discharge by breach, discharge by aggreement of parties, discharge by operation of law