Performance and discharge
A condition can trigger the performance of a legal obligation
True
A condition precedent must be met before a party's performance can be required.
True
A party can treat a contract as discharged if the other party materially alters its quantity without consent
True
A promise to perform subject to obtaining financing is a condition precedent
True
After a contract is made, a supervening event may make performance impossible and discharge the contract.
True
Complete performance occurs when a contract's conditions fully occur
True
Complete performance occurs when conditions in a contract are fully satisfied.
True
If a contract does not require a certain time for performance, a reasonable time will be implied
True
Objective impossibility discharges a contract
True
Performance that provides a party with most of the benefits of a contract, in spite of a deviation from the terms, is substantial performance.
True
Building Restoration, Inc. (BRI), enters into a contract to refurbish an old train depot for Casual Dining, Inc., to open as Eat Up Restaurant. If BRI completes most of the work promised in the contract, its performance will be
substantial
A party normally satisfies its duties under a contract by novation.
False
An executory contract cannot be rescinded
False
An intention variation from a contract prevents substantial performance.
False
Any breach allows the nonbreaching party to cancel the contract.
False
Anything less than complete performance is a material breach of contract.
False
If, before either party to a contract has a duty to perform, one party refuses to do so, there is nothing the other party can do
False
There is no limit to the time that a party can file a suit against another based on a breach of contract
False
A material breach of contract does not excuse the nonbreaching party from further performance
False
Super Toolmakers, Inc., contracts to sell its business to True Hardware Corporation. Before either party has performed, rescission of this contract requires
a mutual agreement to rescind.
Mona and Nero want to discharge their contract by executing and performing a new agreement. They can best accomplish this by
accord and satisfaction.
City Restoration Corporation substantially performs its contract with Downtown Apartments, Inc. Downtown is entitled to
damages
