LENB 3135 Chapter 11: Contract
Performance, Breach, and Remedies
Exam Study Guide Solutions
Accord and Satisfaction - ANSWER✔✔-An agreement between two parties
to accept performance that is different from what was promised in the
original contract. After the performance has been completed, the obligation
is discharged
Anticipatory Repudiation - ANSWER✔✔-An assertion or action by a party
indicating that he or she will not perform an obligation that he or she is
contractually obligated to perform at a future time
Assignment - ANSWER✔✔-The transfer of a contractual right to a third
party
Bilateral Mistake - ANSWER✔✔-A mistake that occurs when both parties
to a contract are mistaken about the same material fact
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,Breach of Contract - ANSWER✔✔-The failure, without legal excuse, of a
promisor to perform the obligations of a contract
Commercial Impracticability - ANSWER✔✔-A doctrine that may excuse
the duty to perform a contract when performance becomes much more
difficult or costly due to forces that neither party could have foreseen at the
time the contract was formed
Condition - ANSWER✔✔-A qualification, provision, or clause in a
contractual agreement, the occurrence or nonoccurrence of which creates,
suspends, or terminates the obligations of the contracting parties
Condition Precedent - ANSWER✔✔-In a contractual agreement, a
condition that must be met before a party's promise becomes absolute
Consequential Damages - ANSWER✔✔-Foreseeable damages that result
from a party's breach of contract but are caused by special circumstances
beyond the contract itself
Delegation - ANSWER✔✔-The transfer of a contractual duty to a third
party
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, Discharge - ANSWER✔✔-- The termination of an obligation. In contract
law
- Occurs when parties have fully performed their contractual obligations or
when events, conduct of the parties, or operation of law releases the parties
from performance
- (In bankruptcy proceedings, the extinction of the debtor's dischargeable
debts)
Frustration of Purpose - ANSWER✔✔-A court-created doctrine under
which a party to a contract will be relieved of his or her duty to perform
when the objective purpose for performance no longer exists due to
reasons beyond that party's control
Impossibility of Performance - ANSWER✔✔-A doctrine under which a
party to a contract is relieved of his or her duty to perform when
performance becomes objectively impossible or totally impracticable
(through no fault of either party)
Intended Beneficiary - ANSWER✔✔-A third party for whose benefit a
contract is formed - Can sue the promisor if the contract is breached
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Performance, Breach, and Remedies
Exam Study Guide Solutions
Accord and Satisfaction - ANSWER✔✔-An agreement between two parties
to accept performance that is different from what was promised in the
original contract. After the performance has been completed, the obligation
is discharged
Anticipatory Repudiation - ANSWER✔✔-An assertion or action by a party
indicating that he or she will not perform an obligation that he or she is
contractually obligated to perform at a future time
Assignment - ANSWER✔✔-The transfer of a contractual right to a third
party
Bilateral Mistake - ANSWER✔✔-A mistake that occurs when both parties
to a contract are mistaken about the same material fact
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,Breach of Contract - ANSWER✔✔-The failure, without legal excuse, of a
promisor to perform the obligations of a contract
Commercial Impracticability - ANSWER✔✔-A doctrine that may excuse
the duty to perform a contract when performance becomes much more
difficult or costly due to forces that neither party could have foreseen at the
time the contract was formed
Condition - ANSWER✔✔-A qualification, provision, or clause in a
contractual agreement, the occurrence or nonoccurrence of which creates,
suspends, or terminates the obligations of the contracting parties
Condition Precedent - ANSWER✔✔-In a contractual agreement, a
condition that must be met before a party's promise becomes absolute
Consequential Damages - ANSWER✔✔-Foreseeable damages that result
from a party's breach of contract but are caused by special circumstances
beyond the contract itself
Delegation - ANSWER✔✔-The transfer of a contractual duty to a third
party
Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/16
, Discharge - ANSWER✔✔-- The termination of an obligation. In contract
law
- Occurs when parties have fully performed their contractual obligations or
when events, conduct of the parties, or operation of law releases the parties
from performance
- (In bankruptcy proceedings, the extinction of the debtor's dischargeable
debts)
Frustration of Purpose - ANSWER✔✔-A court-created doctrine under
which a party to a contract will be relieved of his or her duty to perform
when the objective purpose for performance no longer exists due to
reasons beyond that party's control
Impossibility of Performance - ANSWER✔✔-A doctrine under which a
party to a contract is relieved of his or her duty to perform when
performance becomes objectively impossible or totally impracticable
(through no fault of either party)
Intended Beneficiary - ANSWER✔✔-A third party for whose benefit a
contract is formed - Can sue the promisor if the contract is breached
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