COMM 393 FINAL EXAM COMPLETE QUESTIONS
WITH 100% VERIFIED CORRECT ANSWERS
\.Discharge of a contract - ANSWERS-When a contract comes to an end
\.Ways to discharge - ANSWERS-1. performance
2. agreement
3. frustration
4. operation of law
\.discharge by performance - ANSWERS-- both sets of obligations are
performed
OR
- reasonable attempt to pay was made, but the other party refuses to
accept (ready, willing and able)
\.discharge by agreement: forebearance - ANSWERS-All parties agree to
discharge.
-needs to have adequate consideration (can use a waiver of obligation
to not enforce it
,\.discharge by agreement: accord and satisfaction - ANSWERS-- could
have a substituting contact, but it needs to have all the elements of a
contract
\.discharge by agreement: novation - ANSWERS-a company stepping
into the shoes of the previous party
can terminate and:
- substitute new agreement OR
- swap parties
\.condition precedent - ANSWERS-discharge by agreement, provides for
automatic dissolution
- starting gun that never shoots (real estate, inspection, financing)
- if it's for your benefit, you can remove every-time to make contract
move faster
- before obligations start to run (either fulfilled or removed)
\.condition subsequent - ANSWERS-discharge by agreement, provides
for automatic dissolution
,- finish line that ends race
ex: Seahawks game code of conduct, not allowed to fight or else you
will get kicked out)
\.option to terminate by a party - ANSWERS-tenant has right with 1
month's notice
\.discharge by frustration - ANSWERS-when the circumstances beyond
the control of parties have made performance impossible, pointless or
radically different from what was contemplated at the time the
agreement was made
\.Frustration Elements - ANSWERS-1. There was a completely
unforeseeable event that happened, that was beyond the
control of either party and without fault of either party
2. This event happened AFTER the contract was made and before
performance of the
contract (the event was 'supervening/happened pre-contract')
3. The event must make the contract impossible to perform or radically
different than the
, parties intended. (can't be replaceable)
4. The event must be directly related to the contract and must not be an
extraneous event
(Saturley v. Lund, must go to the foundation of the contract)
\.Frustration and Statute - ANSWERS-Fibrosa v Fairborn:
-if a deposit is paid and no benefit is yet received, return of the deposit
is required
- if any benefit is obtained, seller/manufacturer keeps the deposit
-SGA: if it meets 3 conditions, parties walk away from the agreement
\.Frustration Flow Chart - ANSWERS-If frustration happens before
performance/benefit = walk away.
OTHERWISE:
- SGA trumps Frustrated Contracts Ac. If all 3 elements are met, both
parties walk away
- If Frustrated Contracts Act applies, = dicretion of the courts
WITH 100% VERIFIED CORRECT ANSWERS
\.Discharge of a contract - ANSWERS-When a contract comes to an end
\.Ways to discharge - ANSWERS-1. performance
2. agreement
3. frustration
4. operation of law
\.discharge by performance - ANSWERS-- both sets of obligations are
performed
OR
- reasonable attempt to pay was made, but the other party refuses to
accept (ready, willing and able)
\.discharge by agreement: forebearance - ANSWERS-All parties agree to
discharge.
-needs to have adequate consideration (can use a waiver of obligation
to not enforce it
,\.discharge by agreement: accord and satisfaction - ANSWERS-- could
have a substituting contact, but it needs to have all the elements of a
contract
\.discharge by agreement: novation - ANSWERS-a company stepping
into the shoes of the previous party
can terminate and:
- substitute new agreement OR
- swap parties
\.condition precedent - ANSWERS-discharge by agreement, provides for
automatic dissolution
- starting gun that never shoots (real estate, inspection, financing)
- if it's for your benefit, you can remove every-time to make contract
move faster
- before obligations start to run (either fulfilled or removed)
\.condition subsequent - ANSWERS-discharge by agreement, provides
for automatic dissolution
,- finish line that ends race
ex: Seahawks game code of conduct, not allowed to fight or else you
will get kicked out)
\.option to terminate by a party - ANSWERS-tenant has right with 1
month's notice
\.discharge by frustration - ANSWERS-when the circumstances beyond
the control of parties have made performance impossible, pointless or
radically different from what was contemplated at the time the
agreement was made
\.Frustration Elements - ANSWERS-1. There was a completely
unforeseeable event that happened, that was beyond the
control of either party and without fault of either party
2. This event happened AFTER the contract was made and before
performance of the
contract (the event was 'supervening/happened pre-contract')
3. The event must make the contract impossible to perform or radically
different than the
, parties intended. (can't be replaceable)
4. The event must be directly related to the contract and must not be an
extraneous event
(Saturley v. Lund, must go to the foundation of the contract)
\.Frustration and Statute - ANSWERS-Fibrosa v Fairborn:
-if a deposit is paid and no benefit is yet received, return of the deposit
is required
- if any benefit is obtained, seller/manufacturer keeps the deposit
-SGA: if it meets 3 conditions, parties walk away from the agreement
\.Frustration Flow Chart - ANSWERS-If frustration happens before
performance/benefit = walk away.
OTHERWISE:
- SGA trumps Frustrated Contracts Ac. If all 3 elements are met, both
parties walk away
- If Frustrated Contracts Act applies, = dicretion of the courts
