Term
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Definition
| contracts containing conditions affecting the performance obligations of the parties |
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Term
| List the three types of conditions |
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Definition
-condition precedent
-condition subsequent
-concurrent conditions |
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Term
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| a particular even that must occue in order for a party's duty to arise. (life insurance obligation only arises when client dies) |
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Term
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Definition
| a future event that terminates the obligations of the party's when it occurs. (enter into a lease unless called to active duty in National Guard, when called to duty, his obligation to the lease is discharged) |
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Term
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Definition
| occurs when each party's performance is conditioned on the performance of the other. (pay for goods on delivery, one must pay, other must deliver0 |
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Term
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Definition
| explicitly stated in the contracts and are usually preceded by words such as: conditioned on,if, provided that, or when |
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Term
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Definition
| those that are not explicitly stated but are in ferred from the nature and language of the contract. |
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Term
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Definition
| parties discharge their obligations by doing what they respectively agreed to do under the terms of the contract |
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Term
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Definition
| offer of performance (painter arrives at Sams house with paint and ladders and ready to start painting, he has tendered performance) |
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| two primary types of performance |
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Definition
| complete performance and substantial performance |
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Term
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Definition
| occurs when all aspects of the parties duties under the contract are carried out perfectly. |
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Term
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Definition
occurs when the following condition have been met:
-completion of nearly all the terms of the agreement
-an honest effort to complete all the terms\
-no willful departure from terms of agreement |
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Term
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Definition
| occurs whenever a party fails to perform her obligations from under the contract |
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Term
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Definition
| discharges the nonbreaching party from his obligations to the contract |
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Term
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Definition
| when a contracting party decides not to complete the contract before the actual time of performance. |
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Term
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Definition
| when parties agree that they simply wish to discharge each ogther from tthe mutual obligations and therefore rescind or cancel the contract |
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Term
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Definition
| instead of canceling the contract and terminating, the parties substitute a new agreement in place of the original. This immediatly discharges obligations under the old contract |
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Term
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Definition
| sometimes the parties to the agreement wish to replace one of the parties with a third party. This substitution of a party is called novation |
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Term
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Definition
| it is in fact not possible to lawfully carry out ones contractual obligations |
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Term
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Definition
| it would be difficlt to carry out the contract |
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Term
| three main situations in which courts find objective impossibility |
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Definition
-destruction of the subject matter
-death/incapacity of a party whose personal services are necessary to fulfill terms of contract
-subsequent illegality |
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