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BRADFORD P. ANDERSON BUS 404 FINAL (CAL POLY SLO) EXAM Q’S AND A’S
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BRADFORD P. ANDERSON BUS 404 FINAL (CAL POLY SLO) EXAM Q’S AND A’S
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BRADFORD P. ANDERSON BUS 404 FINAL(CAL POLY SLO) EXAM Q’S AND A’S
Offer of a contract - -a proposal to perform an act or to pay an amount that,
if accepted, becomes a legally valid contract
- Acceptance of Contract - -an agreement to the exact details of an offer
- Consideration - -something of value exchanged for something else of
value "even a peppercorn is sufficient"
- condition - -an event whose happening or nonhappening affects a duty of
performance
- express condition - -contingency explicitly set forth in language
- subjective satisfaction - -approval based upon a party's honestly held
opinion
- objective satisfaction - -approval based upon whether a reasonable person
would be satisfied
- concurrent conditions - -mutual duties of performance are to take place
simultaneously
- condition precedent - -an event that must or must not occur before
performance is due
- condition subsequent - -an event that terminates a duty of performance
- discharge - -termination of a contractual duty
- performance - -fulfillment of a contractual obligation resulting in a
discharge
- breach of contract - -Wrongful failure to perform one or more promises in
a contract. that gives rise to a right to damages by the injured party.
- material breach - -nonperformance that significantly impairs the injured
party's rights under the contract and discharges the injured party from any
further duty under the contract
, - substantial performance - -incomplete performance that does not defeat
purpose of the contract; does not discharge injured party but entitles them
to damages.
- Anticipatory Repudiation - -an inability or refusal to perform, before due;
treated as a breach, allowing the nonrepudiating party to bring suit
immediately
- Accord and Satisfaction - -substituted duty under a contract (accord) and
the discharge of the prior contractual obligation by performance of the new
duty (satisfaction)
- Novation - -a substituted contract involving a new third-party promisor or
promisee (be careful about whether "old" party is actually released!)
- force majeure - -unforeseeable circumstances that prevent someone from
fulfilling a contract
- Impossibility - -commercial impracticability - performance can be
accomplished only under unforeseen and unjust hardship; contract is
discharged under the Uniform Commercial Code and the Restatement
- UCC Impracticability - -not a breach [of seller] if performances as agreed
has been made impracticable by the occurrence of a contingency the non-
occurance of which was a basic assumption on which the contract was made
or by compliance in good faith with any applicable foreign or domestic
governmental regulation of order whether or not it later proves to be invalid
- subjective impossibility - -promisor cannot perform, but performance is
not truly impossible; does not discharge promisor
- objective impossibility - -promisor cannot perform because performance is
truly impossible; generally discharges promisor
- Subsequent Illegality - -performance becomes illegal or impractical as a
result of a legal change; duty is discharged
- frustration of purpose - -principal purpose of a contract cannot be fulfilled
because of a subsequent event
- Bankruptcy - -discharged if debtor obtains an order of discharge by the
bankruptcy court
- statue of limitations - -time limit for bringing legal action ; debt is not
discharged, but a creditor cannot bring an action against a debtor
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