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8 Cards in this Set
- Front
- Back
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condition |
-a future and uncertain event that must take place before a party's right or obligations are created/destroyed -failure of a conditition is not a breach, discharges liability of promisor |
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types of conditions |
express conditions -substantial performance will not suffice -strictly enforced implied conditions -substantial performance is all that's required
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order of performance |
-simultaneous performance possible -if one performance takes time, completion of longer performance must be rendered first |
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satisfaction |
-when the aesthetic taste of an individual is a condition of satisfactory performance, and that individual in good faith determines that the work is not satisfactory, that person is not liable on the contract -conditions requiring satisfaction of performance not involving aesthetics are examined against a reasonable person std |
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waiver |
-voluntary relinquishment of a known right -waiver of a condition is subject to retraction with sufficient notice, absent detrimental reliance |
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material breach |
-not all breaches are material -material breaches will excuse performance while substantial performance will not
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material breach dependent upon |
1) extent to which the aggrieved party will be deprived of what it reasonably expected under the K 2) extent to which the aggrieved party's loss can be adequately remedied by an award of damages 3) extent of any forfeiture by the breaching party 4) likelihood of cure by the breaching party 5) extent to which the breaching party has conducted itself in good faith |
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substantial performance and breach |
a party who substantially performs can recover on the contract even though full performance has not been tendered -minor breach will not negate substantial performance -material reach will negate substantial performance |
