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Business Law and the Regulation of Business
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Chapter 13 / Exercise 5
Business Law and the Regulation of Business
Mann/Roberts
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Chapter 17Performance and DischargeN.B.: TYPEindicates that a question is new, modified, or unchanged,as follows.NA question newto this edition of the Test Bank.+A question modifiedfrom the previous edition of the Test Bank,=A question includedin the previous edition of the Test Bank.TRUE/FALSE QUESTIONS1.Performance under a contract may be conditioned on the occurrenceof a certain event.
PAGE:324TYPE:+2.Performance under a contract may notbe conditioned on the nonoc-currenceof an event.
PAGE:324TYPE:N3.A promise to perform subject to being able to obtain financing is anexample of a condition precedent.
PAGE:324TYPE:=4.A condition precedent must be met before a party’s performance canbe required.
PAGE:324TYPE:N5.Conditions subsequent are more common than conditions precedent.165
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Business Law and the Regulation of Business
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Chapter 13 / Exercise 5
Business Law and the Regulation of Business
Mann/Roberts
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166          TEST BANK 2—UNIT THREE:  CONTRACTS AND E-CONTRACTS
PAGE:325TYPE:=
CHAPTER 17:  PERFORMANCE AND DISCHARGE          1676.A buyer’s duty to pay becomes absolute once a contract is formed.
PAGE:325TYPE:=7.A party normally satisfies its duties under a contract by actualperformance.
PAGE:325TYPE:=8.Complete performance occurs when conditions in a contract are fullysatisfied.
PAGE:326TYPE:=9.Performance that provides a party with the essential benefits of acontract, in spite of any deviation from the terms, is substantialperformance.
PAGE:326TYPE:=10.An intentional variation from a contract prevents substantial per-formance.
PAGE:326TYPE:+11.If a contract requires performance to the personal satisfaction of aparty, the party to be satisfied must act honestly and in good faith.
PAGE:328TYPE:=12.Anything less than complete performance is a material breach ofcontract.
PAGE:328TYPE:=13.Any breach discharges the nonbreaching party from the contract.
PAGE:328TYPE:=14.Any breach allows the nonbreaching party to cancel the contract.
PAGE:328TYPE:+
168          TEST BANK 2—UNIT THREE:  CONTRACTS AND E-CONTRACTS15.A party’s refusal to perform an executory contract is anticipatoryrepudiation.
PAGE:330TYPE:=
CHAPTER 17:  PERFORMANCE AND DISCHARGE          16916.To rescind a contract, the parties must make a second agreementthat contains an offer, an acceptance, and consideration.
PAGE:332TYPE:=

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