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17 Cards in this Set
- Front
- Back
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Discharge |
A party is discharged when she has no more duties under the contract. Most contracts are discharged by full performance, while sometimes the parties discharge a contract by agreement. |
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Condition |
An event that must occur before a party becomes obligated under a contract. |
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Condition precedent |
In this kind of condition, an event must occur before a duty arises. I.E. I will pay you only if the Giants win. |
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Condition Subsequent |
The condition must occur after the particular duty arises. |
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In a condition precedent, who has the burden of proof that the condition has occurred? |
The plaintiff must prove that the condition has occurred and that the defendant has a duty to perform. |
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In a condition subsequent, who has the burden of proof that the condition has occurred? |
The defendant must prove that the condition has occurred, relieving him of any obligation. |
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Strict performance |
Requires one party to perform its obligations precisely, with no deviation from the contract terms. |
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Substantial performance |
Occurs when one party fulfills enough of its contract obligations to warrant payment. |
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Time of the essence clause |
Provisions that generally make contract dates strictly enforceable. Merely including a date for performance, however, does not make time of the essence. |
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Breach |
When one party breaches contract in a material manner, the other party is discharged. |
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Anticipatory Breach |
When a party makes it unmistakably clear that it will not honor the contract. |
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Statute of limitations |
A statutory time within which an injured party must file suit. |
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True Impossibility
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True impossibility means that something has happened making it utterly impossible to do what the promisor said he would do.
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What 3 criteria for impossibility? |
Destruction of subject matter Death of the promisor in a personal services contract Illegality |
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Commercial impracticability |
Some event has occurred that neither party anticipated and fulfilling the contract would now be extraordinarily difficult and unfair to one party. |
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Frustration of Purpose |
Some event has occurred that neither party anticipated and the contract now has no value for one party. |
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Force Majeure Clause |
A force majeure clause allows cancellation of the agreement in case of extraordinary and unexpected events. |
