(BLW) Ch 18 and Ch 19 Key Terms

(Book) Business Law: Text and Cases 16th Edition

Anticipatory Repudiation

An assertion/action saying a party will not perform an obligation

Commercial Impracticability

A doctrine under which a seller may be excused from performing a contract

concurrent conditions

Conditions in a contract that must occur or be performed at the same time; they are mutually dependent.
BOTH NEED TO RELEASE GIRLYPOP

Condition

A possible future event

Condition Precedent

A condition in a contract that must be met before a party’s promise becomes absolute.

condition subsequent

A condition in a contract that terminates a party’s obligation to perform under the contract if not met.

discharge in bankruptcy

The release of a debtor from all debts that are provable

frustration of purpose

A court-created doctrine under which a party to a contract will be relieved of their duty to perform when the objective purpose for performance no longer exists

impossibility of performance

A doctrine under which a party to a contract is relieved of their duty to perform when performance becomes impossible or totally impracticable

mutual rescission

Agreement between both parties to cancel their contract

novation

The substitution, by agreement, of a new contract for an old one

Tender

An unconditional offer to perform an obligation by a person who is ready and willing

Consequential Damages

Special damages that compensate for a loss that is not direct or immediate

Lost profits are an example of Consequential Damages, TRUE / False?

True

Incidental Damages

Damages that compensate for expenses directly incurred bcs of a breach of contract

Liquidated Damages

Money amount

Quantum Meruit

“As much as he deserves”
GET THAT BAG FROM HIM SISSTTEERRRRR