Exam 20: Third Parties and Discharge of Contracts

When there is a dispute about a contract, the parties may agree to perform in a different manner from the one agreed upon originally.

The person to whom the right of a contract is transferred is called the ________.

What term describes an agreement where an original party to a contract is replaced by a new party?

What does the word "toll" mean?

What term describes damages agreed upon by the parties at the time of the contract's creation?

When the agreed-upon performance is completed, a(n) ________ occurs.

Match the terms with their descriptions: -Statute of limitations

What term describes a situation when parties agree to perform in a different manner from the one agreed upon originally?

What are possible actions of parties to a contract when there is a dispute about the contract?

When the plaintiff's losses are a foreseeable result of the breach of contract, the plaintiff may win a suit for consequential damages.

For accord and satisfaction to be legitimate, there must be a legitimate dispute about contractual terms.

What term describes the situation when an essential part of the contract has not been performed?

What is an example of duties that cannot be delegated without the consent of the person for whom the duty is to be performed?

Define performance. Discuss material breach, substantial performance, and the time for performance of a contract.

To bring a suit against another for breach of contract, the party must make ________.

Under what circumstance is the statute of limitations put on hold?

Match the terms with their descriptions: -Performance

Steve made contracts with Allan, Bob, and Clara, to be performed within a month. Allan promised to plant 100 tulips in Steve's garden, Bob promised to deliver a specific antic table, and Clara promised to buy Steve's coin collection. In a month, Allan planted 100 tulips in Steve's garden. Bob did not deliver the table because it had been destroyed by the earthquake. Clara did not pay for Steve's coin collection because she filed for bankruptcy. Discuss what contracts can be discharged and for what reason.

Match the terms with their descriptions: -Privity of contract

Parties entering into contracts receive rights and acquire duties.