LENB CH 14 questions with complete
solutions to pass
Conditional Contracts - correct answer ✔✔a contract that becomes enforceable only on the happening
or termination of a specified condition
condition precedent - correct answer ✔✔A condition in a contract that must be met before a party's
promise becomes absolute.
condition subsequent - correct answer ✔✔a future event that terminates the obligations of the parties
when it occurs
Concurrent Conditions - correct answer ✔✔Conditions that must occur or be performed at the same
time; they are mutually dependent. No obligations arise until these conditions are simultaneously
performed.
Expressed Conditions - correct answer ✔✔explicitly stated in a contract and usually preceded by words
such as conditioned on, if provided that, or when
implied conditions - correct answer ✔✔not explicitly mentioned but can be read into the parties'
obligations to perform
tender - correct answer ✔✔an offer by a party in a contract to perform, along with being ready, willing,
and able to perform, a duty outlined in that contract
Complete Performance - correct answer ✔✔Contract performance that occurs when all aspects of the
parties' duties under the contract are carried out perfectly.
Substantial Performance - correct answer ✔✔Contract performance that occurs when nearly all the
terms of the agreement have been met, there has been an honest effort to complete all the terms, and
there has been no willful departure from the terms of the agreement.
, Subjective Standard - correct answer ✔✔party must be satisfied
Objective Standard - correct answer ✔✔if performance is related to a mechanical or utility standard and
if contract does not clearly specify that the satisfaction is to be personal
breach - correct answer ✔✔occurs whenever a softy fails to perform her obligations under the contract
material breach - correct answer ✔✔discharges the non breaching party from his obligations under the
contract
anticipatory breach - correct answer ✔✔Notified that a party to the contract will not fulfill their part of
the contract prior to the required time of fulfillment.
mutual recession - correct answer ✔✔An agreement between the parties to cancel their contract,
releasing the parties from further obligations under the contract. The object of the agreement is to
restore the parties to the positions they would have occupied had no contract ever been formed.
Substituted Contract - correct answer ✔✔Parties agree to substitute new contract in place of original
contract
Accord and Satisfaction - correct answer ✔✔one of the parties wants to substitute a different
performance for his original duty under the contract
accord - correct answer ✔✔promise to perform new duty
satisfaction - correct answer ✔✔actual performance of new duty
novation - correct answer ✔✔Substituting a new obligation for an old one or substituting new parties to
an existing obligation.
solutions to pass
Conditional Contracts - correct answer ✔✔a contract that becomes enforceable only on the happening
or termination of a specified condition
condition precedent - correct answer ✔✔A condition in a contract that must be met before a party's
promise becomes absolute.
condition subsequent - correct answer ✔✔a future event that terminates the obligations of the parties
when it occurs
Concurrent Conditions - correct answer ✔✔Conditions that must occur or be performed at the same
time; they are mutually dependent. No obligations arise until these conditions are simultaneously
performed.
Expressed Conditions - correct answer ✔✔explicitly stated in a contract and usually preceded by words
such as conditioned on, if provided that, or when
implied conditions - correct answer ✔✔not explicitly mentioned but can be read into the parties'
obligations to perform
tender - correct answer ✔✔an offer by a party in a contract to perform, along with being ready, willing,
and able to perform, a duty outlined in that contract
Complete Performance - correct answer ✔✔Contract performance that occurs when all aspects of the
parties' duties under the contract are carried out perfectly.
Substantial Performance - correct answer ✔✔Contract performance that occurs when nearly all the
terms of the agreement have been met, there has been an honest effort to complete all the terms, and
there has been no willful departure from the terms of the agreement.
, Subjective Standard - correct answer ✔✔party must be satisfied
Objective Standard - correct answer ✔✔if performance is related to a mechanical or utility standard and
if contract does not clearly specify that the satisfaction is to be personal
breach - correct answer ✔✔occurs whenever a softy fails to perform her obligations under the contract
material breach - correct answer ✔✔discharges the non breaching party from his obligations under the
contract
anticipatory breach - correct answer ✔✔Notified that a party to the contract will not fulfill their part of
the contract prior to the required time of fulfillment.
mutual recession - correct answer ✔✔An agreement between the parties to cancel their contract,
releasing the parties from further obligations under the contract. The object of the agreement is to
restore the parties to the positions they would have occupied had no contract ever been formed.
Substituted Contract - correct answer ✔✔Parties agree to substitute new contract in place of original
contract
Accord and Satisfaction - correct answer ✔✔one of the parties wants to substitute a different
performance for his original duty under the contract
accord - correct answer ✔✔promise to perform new duty
satisfaction - correct answer ✔✔actual performance of new duty
novation - correct answer ✔✔Substituting a new obligation for an old one or substituting new parties to
an existing obligation.
