LENB Chapter 14 Exam Questions and Answers Already Passed Latest 2025

LENB Chapter 14 Exam Questions and Answers Already Passed Latest 2025 A condition _______ is a particular event that must occur for a party's duty to arise. - Answers precedent A condition _______ is a future event that terminates the obligations of the parties when it occurs. - Answers subsequent When each party's performance is conditioned on the performance of the other, the conditions are ________. - Answers concurrent ________ conditions are explicitly stated in the contract. - Answers Express Which of the following is not a way in which a party's obligations can be discharged? - Answers ignorance of the law Contractual conditions may be either _______ by law or ________ inserted into the contract by the parties. - Answers implied; expressly If a homeowner enters into a contract with a builder to replace the windows in his house, there is a(n) _________ condition that the builder will be allowed to enter the house to complete the window removal and installation. - Answers implied If a condition precedent does not occur, ________. - Answers the contracting party's duty to perform does not arise If, consistent with his contractual duty, a painter shows up at a home with his paint and ladder and is ready to begin painting the garage, he - Answers had tendered performance upon arrival at the house. _________ performance occurs when every aspect of the parties' duties under the contract is carried out perfectly. - Answers Complete Which of the following is the most common situation resulting in discharge of a contract? - Answers performance ________ performance occurs when nearly all the terms of the agreement have been met, there has been an honest effort to complete all terms, and there has been no willingful departure from the terms of the agreement. - Answers Substantial What is the legal effect of a material breach of contract? - Answers It discharges the non-breaching party from his obligations under the contract. A __________ occurs when a party fails to perform his or her obligations under a contract. - Answers breach Which of the following is an incorrect statement regarding the rights of a non-breaching party after anticipatory repudiation? - Answers The non-breaching party is still required to perform his obligations under the contract, and can then sue the other for breach Which of the following is not a recognized means by which parties to a contract can agree to discharge each other from their obligations? - Answers discord and inaction Suppose James agreed to cater a reception for Bill's son, but it appears that the child is going to graduate when planned. If James agrees not to hold Bill responsible for paying him the agreed-upon cost for catering in exchange for Bill's agreement not to expect James to cater the reception, this is known as a(n) _________. - Answers mutual rescission What is the legal effect of a substituted contract? - Answers The new contract discharges the parties form the their obligations under the old contract and replaces them with obligations under the new contract. _________ impossibility means it is in fact not possible to lawfully carry out one's contractual obligations. - Answers Objective In an accord and satisfaction, the promise to perform the new duty is called the _______, and the actual performance of that duty is called the _________. - Answers accord; satisfaction When a party files bankruptcy, the court allocates the assets of the bankrupt among the bankrupt's creditors and then issues the party a(n) _______ in bankruptcy. - Answers discharge If an unforeseen event occurs that makes it physically or legally impossible for a party to cary out the terms of a contract, the parties will be discharged due to ________. - Answers impossibility of performance Which of the following is an accurate statement regarding a novation? - Answers All three parties (the original contracting parties and the third party) must agree to a novation for it to be valid. The ________ of the statute of limitations is the expiration of time allowed by the statute. - Answers tolling __________ impossibility means it would be very difficult to carry out the contract. - Answers Subjective Which of the following is an accurate statement regarding contract alteration by one of the parties to the agreement? - Answers The alteration must be material in order for the inno