Ch17-TB2-WBL-10e

Ch17-TB2-WBL-10e - Chapter 17 Performance and Discharge...

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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. Performance under a contract may be conditioned on the   occurrence   of a  certain event. ANSWER: T PAGE: 324 TYPE: + 2. Performance under a contract may  not  be conditioned on the  nonoccurrence  of an event. ANSWER: F PAGE: 324 TYPE: N 3. A promise to perform subject to being able to obtain financing is an example  of a condition precedent. ANSWER: T PAGE: 324 TYPE: = 4. A condition precedent must be met before a party’s performance can be  required. ANSWER: T PAGE: 324 TYPE: N 165
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166 TEST BANK 2—UNIT THREE: CONTRACTS AND E-CONTRACTS 5. Conditions subsequent are more common than conditions precedent. ANSWER: F PAGE: 325 TYPE: =
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CHAPTER 17: PERFORMANCE AND DISCHARGE 167 6. A buyer’s duty to pay becomes absolute once a contract is formed. ANSWER: F PAGE: 325 TYPE: = 7. A   party   normally   satisfies   its   duties   under   a   contract   by   actual  performance. ANSWER: T PAGE: 325 TYPE: = 8. Complete   performance   occurs   when   conditions   in   a   contract   are   fully  satisfied. ANSWER: T PAGE: 326 TYPE: = 9. Performance that provides a party with the essential benefits of a contract,  in spite of any deviation from the terms, is substantial performance. ANSWER: T PAGE: 326 TYPE: = 10. An intentional variation from a contract prevents substantial performance. ANSWER: F PAGE: 326 TYPE: + 11. If a contract requires performance to the personal satisfaction of a party,  the party to be satisfied must act honestly and in good faith.  ANSWER: T PAGE: 328 TYPE: = 12. Anything less than complete performance is a material breach of contract. ANSWER: F PAGE: 328 TYPE: = 13. Any breach discharges the nonbreaching party from the contract. ANSWER: F PAGE: 328 TYPE: = 14. Any breach allows the nonbreaching party to cancel the contract. ANSWER: F PAGE: 328 TYPE: + 15. A   party’s   refusal   to   perform   an   executory   contract   is   anticipatory  repudiation.
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168 TEST BANK 2—UNIT THREE: CONTRACTS AND E-CONTRACTS ANSWER: T PAGE: 330 TYPE: =
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CHAPTER 17: PERFORMANCE AND DISCHARGE 169 16. To rescind a contract, the parties must make a second agreement that  contains an offer, an acceptance, and consideration. ANSWER:
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch17-TB2-WBL-10e - Chapter 17 Performance and Discharge...

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