Business Law Chapter 11 Test

ASSIGNMENT SUPPORTED BY CONSIDERATION? (T/F)

True

CONTRACT PROHIBITS ASSIGNMENT, PARTIES STILL ASSIGN THEM?  (T/F)

False

VALID TENDER OF MONEY TO PAY A DEBT IS REJECTED, THE DEBT IS DISCHARGED?  (T/F)

False

IF LIQUIDATED DAMAGES CLAUSE IS EXCESSIVE, CLAUSE WILL NOT BE ENFORCED?  (T/F)

True

ALTERATION MEANS CHANGE?  (T/F)

True

A LAWSUIT MAY BE BARRED DUE TO STATUTE OF LIMITATIONS?  (T/F)

True

PARTY TRANSFERRING RIGHT IS CALLED

Assignor

MOST FREQUENT CAUSE OF DISCHARGE?

Performance

NOVATION

Swapping an old contract for a new one

CONCURRENT CONDITION

Things that must happen at the same time 

SPECIFIC PERFORMANCE

Forcing someone to do what they promised

WHEN WILL SPECIFIC PERFORMANCE BE GRANTED?

When money cannot fix it and items are unique 

CAN ANY REMEDY BE PURSUED AT THE SAME TIME?

No, you cannot pick options that conflict 

RELINQUISHING A CONTRACT RIGHT

waiver

ANTICIPATORY BREACH

Breaking a promise before the deadline

ASSIGNMENT

Handing over contract rights to someone else 

BREACH OF CONTRACT

Breaking a contract rule 

DEFAULT

Failing to do your duty

DISCHARGE

Ending a contract duty 

MITIGATE THE DAMAGES

Keeping your losses as low as possible

OBLIGOR

The person who owes the duty

PERFORMANCE

Doing what you promised

REMEDY

The fix for a broken contract

STATUTE OF LIMITATIONS

The legal time limit to sue

SUBSTANTIAL PERFORMANCE

Doing almost everything right while missing minor details

TENDER

Offering to pay

THIRD-PARTY BENEFICIARIES

Outsiders who get rights from your contract