Key Terms - anticipatory repudiation -An assertion or...

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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. breach of contract- The failure, without legal excuse, of a promisor to perform the obligations of a contract. commercial impracticability -A doctrine under which a seller may be excused from performing a contract when (1) a contingency occurs, (2) the contingency's occurrence makes performance impracticable, and (3) the nonoccurrence of the contingency was a basic assumption on which the contract was made. Despite the fact that UCC 2615 expressly frees only sellers under this doctrine, courts have not distinguished between buyers and sellers in applying it. 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 - A possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract. condition precedent
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This note was uploaded on 12/10/2009 for the course BUS 311 taught by Professor Fas during the Spring '09 term at American University in Bulgaria.

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Key Terms - anticipatory repudiation -An assertion or...

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