Ch.18 Worksheets - Chapter 18 Worksheets Worksheet –...

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Chapter 18 Worksheets Worksheet – Conditions 1. In most contracts, promises of performance are not expressly conditioned or qualified; instead, they are absolute promises. TRUE 2. Performance : In contract law, the fulfillment of one’s duties arising under a contract with another. Condition : A possible future event, the occurrence of nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract. Discharge : A termination of an obligation. In contract law, discharge occurs when the parties have fully performed their contractual obligations of when events, conduct of the parties, or operation of the law releases the parties from performance. 3. The most common way to terminate contractual duties is by: a. performance 4. The duty to perform under a contract may be conditional. 5. Condition Precedent: a condition in a contract that must be met before a party’s promise becomes absolute. Concurrent Conditions: conditions in a contract that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed. Condition Subsequent: a condition in a contract that operates to terminate a party’s absolute promise to perform. 6. The condition precedent precedes the Absolute duty to perform. 7. Highlight the three possible situations in which a condition precedent is typically part of a contract. Life insurance contracts, contracts for the purchase of very expensive paintings, and contracts for the purchase of race horses. 8. Conditions subsequent typically operate to terminate a party's absolute promise to perform. TRUE 9. General Plastics agrees by contract to sponsor Phyllis in the next local marathon foot race, provided she loses 20 pounds by one week before the race. This is called a: a. condition subsequent 10. Generally, conditions precedent are common, and conditions subsequent are rare. TRUE 11. Happy Animals, Inc., agrees to hire Lenna as a veterinarian provided she passes the required state exams. Their contract contains a condition subsequent. When are concurrent conditions NOT present? When one party will perform her or his duties after the other party. Francine wants to buy Enrique's expensive antique watch. She knows Enrique is not quite ready to sell it, so she tells him that she will pay him anytime he delivers it to her office. Their agreement contains: Concurrent Conditions
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Chapter 18 Worksheets 12. Highlight two additional ways that conditions may be classified. Expressed and Implied. 13. Courts may imply conditions from the purpose of the contract or from the intent of the parties. TRUE Worksheet – Discharge by Performance 1. The great majority of contracts are discharged by fulfilling conditions subsequent. FALSE 2. Anticipatory repudiation: An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
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