ch18 - Ch.18 Quiz Instructions Please read the questions...

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Ch.18 Quiz Instructions Please read the questions carefully. This assessment is worth 100 points. 1. If a construction contract provides that the property owner's duty to pay is conditioned on the satisfaction of an architect or engineer, then the builder cannot recover payments due if the architect or engineer honestly has a good faith reason for withholding a certificate indicating his or her satisfaction. (5 points) True False 2. In a contract for X to sell Y a steam boiler, Y's obligation to pay is conditioned upon Y's personal satisfaction with the boiler. Even though the boiler meets every mechanical test imaginable, Y refuses to pay because he just doesn't like the boiler for some reason. Y is not obligated to pay, because the contract said that he must be personally satisfied, and a contract is a contract. (5 points) True False 3. If a party excuses the occurrence of a condition, then the party is bound contractually by waiving the condition. (5 points) True False 4. When a promisor's performance is an express condition of the promisee's duty to perform, that performance must meet a strict performance standard. (5 points) True False 5. A failure to give substantial performance where substantial performance is normally required is a material breach of the contract. (5 points) True False 6. X contracts with Y to produce an advertisement for a Fourth-of-July
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This note was uploaded on 02/28/2012 for the course ACCT 460 taught by Professor Charley during the Spring '12 term at Aachen University of Applied Sciences.

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ch18 - Ch.18 Quiz Instructions Please read the questions...

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