Exam 10: Performance and Breach of Contracts

A covenant is an unconditional promise to perform.

Which of the following phrases explains the term covenant?

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

The term ________ refers to any oral or written words outside the four corners of a written contract.

A force majeure clause usually excuses nonperformance caused by natural disasters such as floods,tornadoes,and earthquakes.

A(n)________ is a third party who is not in privity of contract but who has rights under the contract and can enforce the contract against the promisor.

An obligee who transfers a right is known as a(n)________.

________ refers to a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.

A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.

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

The ________ is an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.

A(n)________ refers to a promise in which one person agrees to answer for the debts or duties of another person.

In a(n)________ mistake,only one party is mistaken about a material fact regarding the subject matter of the contract.

The doctrine of ________ allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.

________ is an action to undo a contract.

A(n)________ is an event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation.

A(n)________ breach of a contract occurs when a party renders inferior performance of his or her contractual obligations.

According to the equal dignity rule,agents' contracts to sell property covered by the Statute of Frauds must be in writing to be enforceable.

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

Duress only occurs when a threat involves physical harm.