Home > Flashcards > Print Preview

The flashcards below were created by user isatonk on FreezingBlue Flashcards. What would you like to do?

  1. What is an absolute promise?
    promise without condition

    "I will give you my phone"
  2. What is a conditional promise?
    promise with condition

    "I will give you my phone when you're done with your homework"
  3. What are the 5 types of discharge of a contract?
    discharge by

    • - condition
    • - performance
    • - breach
    • - agreement of the parties
    • - operation of law
  4. What is a conditional contract?
    contract is based on a condition

    conditions precedent -- event must occur before performance is due (perform once sth happens)

    conditions subsequent -- event terminates a duty to perform (perform until sth happens)
  5. What is discharge by condition?
    contractual condition was met/not met
  6. What is discharge by performance?
    all parties perform according to the contract
  7. What is a breach of contract?
    wrongful failure to perform according to contract
  8. What are the 2 types of breach of contract?
    material breach -- essential duty has not been performed

    minor breach -- minor part of the contract has not been performed
  9. What determines whether a breach is material?
    the contract
  10. What are the consequences in case of a breach of contract?
    material breach -- NBP is discharged from any further duty under the contract and can recover damages

    minor breach -- NBP can recover damages, but is not discharged
  11. What is substantial performance?
    incomplete performance that does not defeat purpose of contract
  12. What are the 2 kinds of discharge by agreement of the parties?
    mutual rescission -- both agree to terminate original contract

    substituted contract -- new contract that replaces the original
  13. What are the 2 kinds of a substituted contract?
    accord and satisfaction -- substitute a duty in the contract

    novation -- substitute a party of a contract
  14. What are the 6 kinds of discharge by operation of law?
    impossibility -- performance cannot be done

    commercial impracticability -- performance could be done under unforeseen and unjust hardship

    destruction of subject matter -- contract subject does not longer exist

    subsequent illegality -- contract objective becomes illegal

    bankruptcy -- discharge by court order

    statute of limitations -- too much time has passed
  15. What are the 2 kinds of impossibility to perform according to a contract and their effects on the contract?
    • subjective impossibility
    • -- promisor cannot perform
    • => no discharge

    • objective impossibility
    • -- no one could perform duty
    • => discharge

Card Set Information

2012-05-31 16:13:29
UNT BLAW3430 BLAW ch17

Review questions for Business Law and the Regulation of Business, 10th edition, Mann&Roberts, chapter 17
Show Answers:

What would you like to do?

Home > Flashcards > Print Preview