Discharge of Contracts

Flashcards covering key concepts related to contract discharge, performance conditions, and legal definitions.

Condition Precedent

A condition that must be met before a party's obligations arise.

Condition Concurrent

Conditions that occur simultaneously as part of a contract.

Condition Subsequent

A condition that, if it occurs, can terminate a party's duty to perform.

Tender of Performance

The act of offering to fulfill a contract's terms.

Time of Performance

The timing specified in a contract which is crucial for its fulfillment.

Curative Tender

Replacing defective goods with conforming goods when timing is not critical.

Adequacy of Performance

Determines if the performance provided meets contractual obligations.

Substantial Performance

When a party fulfills enough of a contract to warrant payment, despite minor defects.

Discharge by Agreement

Termination of a contract through mutual agreement or specific provisions.

Impossibility

A condition where performance of the contract is not possible due to objective factors.

Temporary Impossibility

A situation where performance is suspended due to temporary circumstances.

Contractual Limitation

Agreements that shorten the time period within which legal action can be taken.

Statute of Limitations

Legal time limits for filing lawsuits related to contract claims.

Bankruptcy

A legal status for individuals or entities that cannot repay their debts.