1 Chapter 17 - Performance and Discharge 1. Lon enters into a contract to mine limestone in Mica’s quarry, sell it, and share the profits on its sale with Mica. If the duties under this contract are discharged like those under most contracts, the duties will be a. assigned. b. breached. c. performed. d. rescinded. 2. Belle enters into a contract to subdivide and sell housing lots in Cole’s hillside field if Dell City annexes the property within the next year. Belle’s duty to perform is a. absolute. b. conditional. c. illusional. d. irresolute. 3. Don agrees to buy Ed’s Bicycle Store on the condition that First State Bank approves the financing. This approval is a. a concurrent condition. b. a condition precedent. c. a condition subsequent. d. a solvent condition.
2 4. Eton and Fiona sign a contract by which Eton agrees to deliver a washing machine on July 31 in exchange for Fiona’s promise to pay the $500 purchase price on July 31. The delivery of the washing machine and the payment of $500 are examples of a. conditions precedent. b. concurrent conditions. c. conditions subsequent. d. illegal conditions. 5. Lake Port Services enters into a contract to load Max’s Great Lakes barges with the cargo that Max designates. Lake Port’s offer to perform, when Lake Port is ready, willing, able to do so, is a. complete. b. substantial. c. tender.
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