BLS 342- Final Exam Word List

BLS 342- Final Exam Word List - WORD AND PHRASE LIST EXAM...

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WORD AND PHRASE LIST – EXAM IV Be familiar with “conditions ” as they relate to “time for performance” in a contract. Know the difference and use of express, implied in fact, concurrent, conditions precedent and conditions subsequent. - Condition Precedent- is a particular event that must occur in order for a party’s duty to arise. If the event does not occur, the party’s duty to perform does not arise. -Condition Subsequent- is a future event that terminates the obligations of the parties when it occurs. EX: Tom rents an apartment for five years on the condition he isn’t called to active duty, he is, and obligation to be bound by the lease is discharged -Concurrent Condition- occurs when each party’s performance is conditioned on the performance of the other. The legal effect of a contract’s being concurrently conditioned is that each party must offer to perform before being able to sue the other for nonperformance -Express Conditions- are explicitly stated in the contract and are usually preceded by words such as conditioned on, if, provided that, or when. -Implied Conditions- are those that are not explicitly stated but are inferred from the nature and language of the contract Accord and Satisfaction – how and when is it used? - used when one of the parties wishes to substitute a different performance for his original duty under the contract. -The promise to perform the new duty is called the accord, and the actual performance of that new duty is called the satisfaction Novation – how and when is it used? - Sometimes the parties to the agreement wish to replace one of the parties with a third party. This substitution of a party is called novation Material Breach – what is a material breach? What effect does it have on the non-breaching party’s obligation under the contract? - discharges the non-breaching party from his obligations under the contract. A material breach occurs when a party unjustifiably fails to substantially perform his obligations under the contract Substantial performance – what are its implications? What are the requirements before a person can request specific performance as a remedy?
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- occurs when the following conditions have been met: 1) Completion of nearly all the terms of the agreement 2) An honest effort to complete all the terms 3) No willful departure from the terms of the agreement Discharge – when does it happen? What are the ways a person can be discharged from their
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BLS 342- Final Exam Word List - WORD AND PHRASE LIST EXAM...

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