BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: Bankruptcy
Answer:
Once the debtor's assets have been allocated to the creditors in a fair and
equitable fashion, the debtor receives a discharge in bankruptcy preventing the
creditors from
enforcing most of the debtor's Ks
Q: Impossibility of Performance
Answer:
After a K is made, supervening events make performance
objectively impossible
Applies only when the parties could not have reasonably foreseen, at the time the K
was
formed, the event or events that rendered performance impossible
,BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: When Performance Is Impossible
Answer:
1. When a party whose personal performance is essential
to the completion of the contract dies or becomes incapacitated prior to performance.
2. When the specific subject matter of the contract is destroyed.
3. When a change in the law renders performance illegal.
Q: Objective Impossibility
Answer:
It is impossible for anyone to perform
"It cannot be done"
Q: Subjective Impossibility
Answer:
It is impossible for me to perform
"I personally cannot do it"
,BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: Does NOT discharge a K, and the nonperforming party is held in breach of K
Answer:
Q: Temporarily Impossible
Answer:
Occurrence or event that makes performance temporarily
impossible operates to suspend performance until the impossibility ceases
Q: Doctrine of Commercial Impracticality
Answer:
Parties may be excused from their duty to perform
when the performance becomes much more difficult or expensive due to forces that
neither
party could control or foresee at the time the K was formed
, BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: Increase in difficulty and costs
Answer:
Q: Frustration of Purpose
Answer:
A party to a K will be relieved of their duty to perform when the
objective purpose for performance no longer exists due to reasons beyond that party's
control
Decrease of the value received from the K
Q: Remedy
Answer:
Relief provided to an innocent party when the other party has breached the K
Remedies at Law - Monetary
Remedies in Equity - rescission and restitution, specific performance, and
reformation
Latest 2026 Update
Q: Bankruptcy
Answer:
Once the debtor's assets have been allocated to the creditors in a fair and
equitable fashion, the debtor receives a discharge in bankruptcy preventing the
creditors from
enforcing most of the debtor's Ks
Q: Impossibility of Performance
Answer:
After a K is made, supervening events make performance
objectively impossible
Applies only when the parties could not have reasonably foreseen, at the time the K
was
formed, the event or events that rendered performance impossible
,BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: When Performance Is Impossible
Answer:
1. When a party whose personal performance is essential
to the completion of the contract dies or becomes incapacitated prior to performance.
2. When the specific subject matter of the contract is destroyed.
3. When a change in the law renders performance illegal.
Q: Objective Impossibility
Answer:
It is impossible for anyone to perform
"It cannot be done"
Q: Subjective Impossibility
Answer:
It is impossible for me to perform
"I personally cannot do it"
,BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: Does NOT discharge a K, and the nonperforming party is held in breach of K
Answer:
Q: Temporarily Impossible
Answer:
Occurrence or event that makes performance temporarily
impossible operates to suspend performance until the impossibility ceases
Q: Doctrine of Commercial Impracticality
Answer:
Parties may be excused from their duty to perform
when the performance becomes much more difficult or expensive due to forces that
neither
party could control or foresee at the time the K was formed
, BLAW 3391 Exam 3 Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: Increase in difficulty and costs
Answer:
Q: Frustration of Purpose
Answer:
A party to a K will be relieved of their duty to perform when the
objective purpose for performance no longer exists due to reasons beyond that party's
control
Decrease of the value received from the K
Q: Remedy
Answer:
Relief provided to an innocent party when the other party has breached the K
Remedies at Law - Monetary
Remedies in Equity - rescission and restitution, specific performance, and
reformation
