Exam 10: Performance and Breach of Traditional and E-Contracts

The agreement whereby the parties agree to accept something different in satisfaction of the original contract is called restitution.

________ refers to a condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform.

Which of the following is true of covenants and conditions?

In order to prove fraud, which of these elements must be shown?

A unilateral mistake is a mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract.

________ is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.

Distinguish between conditions and covenants.

Duress is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.

The signature of the person who is enforcing the contract is necessary.

The one-year rule states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.

An award of ________ orders the breaching party to perform the acts promised in a contract.

Explain the creation and working of guaranty contracts.

Kimlon Informatics has to recover $5000 from a client for its services. The recovery period is 100 days but Kimlon needs the money immediately. It sells the right of collecting money from its client to Quikcollect, a collection agency. Here, Kimlon Informatics is the ________.

If a modification of the lease contract increases the lease payment to $1,000 or more, the modification has to be in writing to be enforceable.

A(n)________ exists if both parties know the object of the contract but are mistaken as to its value.

Which of the following refers to an agreement that substitutes a new party for one of the original contracting parties and relieves the existing party of liability on the contract?

Lionel Richmond is a soccer player who has a six-year contract with the Christshire United soccer team. Two years into the contract, he meets with an accident which results in the complete amputation of his right leg. On what basis is Richmond discharged from further performance of the contract?

Trees, crops, minerals and timber are not considered real property and are thus barred from being included in contracts involving interests in real property.

Substantial performance of a contract constitutes material breach.

________ of the UCC is the basic Statute of Frauds provision for sales contracts.