BLAW Test 3 Study Guide

condition precedent

in a contract, an event that must occur for a party’s duty to arise

condition subsequent

In a contract, a future event that terminates the obligations of the parties when it occurs

concurrent conditions

In a contract, terms under which each party’s performance is conditioned on the performance of the other. task must be performed simultaneously

implied condition

a condition that is specifically and explicitly stated but is inferred from the nature and language of the contract

tender

an offer by a party in a contract to perform along with being ready, willing and able to perform a duty outline in that contract

substantial performance

Contract performance that occurs when nearly all the terms of the agreement have been met, there has been an honest effort to complete all the terms, and there has been no willful departure from the terms of the agreement.

material breach

A substantial breach of a significant term or terms of a contract that excuses the nonbreaching party from further performance under the contract and gives the nonbreaching party the right to recover damages

anticipatory repudiation

mutual recission

substituted contract

accord and satisfaction

An arrangement between contracting parties whereby one of the parties substitutes a different performance for their original duty under the contract.

novation

in a contact, the substitution of a third party for one of the orginal parties.

alteration of contract

an unauthorized change to a contract that modified the obligation of a party to the contrac

bankruptcy

ruuning of statute limitations

impossiblity

commercial impracticability

compensatory damages

duty to mitigate damages

recission

restitution

specific performance

reformation

quasi contract