MindTap: Worksheet 13.2: Performance and Discharge

Match the term with the correct definition.

Tender: The unconditional offer to perform by someone who is ready, able and willing to perform. Breach: The failure, without legal excuse, to perform the obligations of the contract. Anticipatory repudiation: An indication before the deadline of a contract by word or action that a party will not perform the obligations of the contract.

If the parties do not expressly discharge the old contract when writing a novation, the old contract will be impliedly discharged if the new contract's terms are inconsistent with the old contract's terms.

True

Once an accord is made, the original obligation is suspended until the accord agreement is fully performed.

True

A buyer who offers to pay for goods has _____ payment and can therefore demand delivery of the goods.

tendered

The measure of damages for a breach of contract where there was substantial performance is:

the difference in value between the performance that was rendered and the performance if the contract had been performed perfectly.

An anticipatory repudiation of a contract is considered a material breach.

False

If performance is substantial, the other party is not entitled to damages.

False

If performance is substantial, the other party's duty to perform is excused.

False

Which of the following represents a condition precedent?

A contract for life insurance predicated on the applicant passing a health examination.

Match the term with the correct definition.

Conditional subsequent: A condition in a contract that terminates a party's absolute promise to perform. Conditional precedent: A condition in a contract that must be met before a promise becomes absolute.

Match the terms with the correct definition.

Novation: The substitution, by agreement of a new contract for an old contract with all rights and duties under the old contract being terminated. Mutual rescission: An agreement between the parties to cancel their prior, valid agreement. Accord: An agreement between two parties to substitute the consideration in a contract for new consideration.

Match the term with the correct definition.

Performance: The fulfillment of one's duties under a contract. Discharge: The termination of on obligation under a contract. Condition: A situation that will trigger an obligation under a contract or terminate an existing obligation.

When one party anticipatorily repudiates a contract, what two options does the nonbreaching party have?

Wait until the deadline for performance to sue Sue for breach of contract immediately

Some contracts state that the contract needs to be performed to the satisfaction of another. The "other" typically is

a reasonable person

A _____ breach does not discharge the nonbreaching party from the contract and once the breach has been cured, the nonbreaching party must resume performance.

minor