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Ch17-TB1-WBL-10e - Chapter 17 Performance and Discharge N.B...

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Chapter 17 Performance and Discharge N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A promise to pay in exchange for a promise of performance becomes an  absolute duty when the agreement is formed. ANSWER: F PAGE: 324 TYPE: = 2. When a condition operates to terminate a party’s absolute promise to per- form, it is a condition precedent. ANSWER: T PAGE: 324 TYPE: = 3. A condition subsequent must be met before a party’s performance can be  required. ANSWER: F PAGE: 325 TYPE: = 4. Conditions precedent are more common than conditions subsequent. ANSWER: T PAGE: 325 TYPE: N 163
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164 TEST BANK 1: UNIT THREE: CONTRACTS AND E-CONTRACTS 5. Concurrent conditions occur only when the parties to a contract are re- quired to perform their respective duties simultaneously. ANSWER: T PAGE: 325 TYPE: =
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CHAPTER 17: PERFORMANCE AND DISCHARGE 165 6. A seller’s duty to deliver becomes absolute once a contract is formed. ANSWER: F PAGE: 325 TYPE: = 7. Most contracts are discharged by operation of law. ANSWER: F PAGE: 325 TYPE: = 8. When one party substantially performs his or her duties under a contract,  the other party is required to fully perform. ANSWER: F PAGE: 326 TYPE: + 9. A  contract is substantially performed when performance creates substan- tially the same benefits as those promised in the contract. ANSWER: T PAGE: 326 TYPE: = 10. Despite  deviations  from  the  specifications in a  construction contract, a  builder can be considered to have substantially performed. ANSWER: T PAGE: 326 TYPE: = 11. A contract that involves mechanical fitness is a contract in which per- formance must personally satisfy the party to whom performance is owed. ANSWER: F PAGE: 328 TYPE: + 12. Any breach excuses the nonbreaching party’s duty to perform. ANSWER: F PAGE: 328 TYPE: N 13. Any breach allows the nonbreaching party to sue for damages. ANSWER: T PAGE: 328 TYPE: = 14. A breach of contract occurs only when a party fails to perform  all  of his or  her duties under a contract. ANSWER: F PAGE: 328 TYPE: N
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166 TEST BANK 1: UNIT THREE: CONTRACTS AND E-CONTRACTS 15. Anticipatory repudiation often occurs when price fluctuations render per- formance of a contract extremely unfavorable to one of the parties. ANSWER: T PAGE: 330 TYPE: = 16. Anticipatory repudiation discharges a contract. ANSWER: F PAGE: 330 TYPE: + 17. Contracts that are executory on both sides can be rescinded by agreement.
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