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Chapter 15 Notes - 1

Chapter 15 Notes - 1 - Ch 15 Conditions of Performance...

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Ch. 15 Conditions of Performance Discharge – the termination of an obligation Performance – the fulfillment of one’s duties arising under a contract with another Absolute promise – must be performed, or the party promising the act will be in breach of contract Condition – a qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties Condition precedent – a condition that must be met before a party’s promise becomes absolute Condition subsequent – a condition in a contract that, if it occurs, operates to terminate a party’s absolute promise to perform Concurrent condition – a condition that must occur or be performed at the same time (mutually dependent) Discharge by Performance Tender – an unconditional offer to perform an obligation by a person who is ready, willing, and able to do so Complete Performance (strict performance)
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