ACGT 355 Chapter 17

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31 Terms

1

Conditions

an event whose occurrence or nonoccurrence affects a duty or performance.

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2

Express Condition

contingency explicitly set forth in language.

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3

Satisfaction

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

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4

Subjective Satisfaction

approval based upon a party's honestly held opinion.

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5

Objective Satisfaction

approval based upon whether a reasonable person would be satisfied.

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6

Implied-in-Fact Conditions

contingency understood by the parties to be part of the agreement, though not expressed.

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7

Implied-in-Law Conditions

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

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8

Concurrent Conditions

conditions that are to take place at the same time.

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9

Conditions Precedent

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

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10

Conditions Subsequent

an event that terminates a duty of performance.

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11

Discharge

termination of a contractual duty.

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12

Performance

fulfillment of a contractual obligation resulting in a discharge.

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13

Definition of a Breach

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

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14

Material Breach

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

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15

Prevention of Performance

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.

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16

Perfect Tender Rule

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

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17

Substantial Performance

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.

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18

Anticipatory Repudiation

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

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19

Material Alteration of Written Contract

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

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20

Mutual Rescission

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

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21

Substituted Contract

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

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22

Accord and Satisfaction

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

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23

Impossibility

performance of contract cannot be done.

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24

Subjective Impossibility

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

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25

Objective Impossibility

no promisor is able to perform; generally discharges the promisor.

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26

Destruction of Subject Matter

Will discharge contract if it occurs without the promisor's fault.

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27

Subsequent Illegality

If performance becomes illegal or impractical as a result of a change in the law, the duty of performance is discharged.

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28

Frustration of Purpose

Principal purpose of a contract cannot be fulfilled because of a subsequent event.

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29

Commercial Impracticability

Where performance can be accomplished only under unforeseen and unjust hardship, the contract is discharged under the Code and the Restatement.

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30

Bankruptcy

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

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31

Statute of Limitations

After the statute of limitations has run, the debt is not discharged, but the creditor cannot maintain an action against the debtor.

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