WEEK 11 100% BUSL18.docx - 50/50 1 In most contracts...

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WEEK 11 100% 50/50 1. In most contracts, promises of performance are not expressly conditioned.
2. An express condition is often prefaced by the word if , provided , after , or when .
3. A condition is a qualification in a contract based on a future event that is certain to occur.
4. A contract comes to an end when both parties fulfill their respective duties by performing the acts they have promised.
5. When a party’s performance is perfect, it is said to be complete.
6. Anything less than complete performance is a material breach of contract.
7. Any breach discharges the nonbreaching party from the contract.
8. Anticipatory repudiation discharges the repudiating party’s obligations under a contract.
9. If no time for performance is stated in a contract, a reasonable time is implied.
10. Contracts that are executory on both sides can be rescinded by agreement.
11. A novation requires the existence of a previous, valid obligation.
12. The law allows an innocent party to be discharged when the other party has materially altered a written contract without consent.
13. Subjective impossibility of performance can discharge a contract.
14. After a contract is made, a supervening event may make performance impossible and discharge the contract.
15. An occurrence or event that makes performance temporarily impossible operates to discharge the parties’ contractual duties.
16. A discharge in bankruptcy will ordinarily allow a creditor to subsequently enforce the debtor’s contract.
17. When a change in the law renders the performance of a contract illegal, the nonperforming party is normally held in breach of contract.
18. Kali contracts to sell Leony her car for $3,000. This contract will be fully discharged when Kali and Leony exchange the car for the $3,000. 19. Stephanie enters into a contract to work as a lifeguard at Tim’s Water Park for the summer in exchange for a weekly paycheck and free admission to the park’s attractions. If the duties under this contract are discharged like those under most contracts, the duties will be performed 20.

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