Legs 3010 Exam 3 2026 Questions And
Answers | A+ Graded | With Expert
Solutions
Performance, material breach by 1/both parties,
Elements of Discharge of Contract
mutual agreement, operation of law
All aspects of parties duties under contract are
Complete performance
carried out perfectly
When nearly all terms of agreement completed;
Substancial performance honest effort to complete all terms; and no
willful departure from terms of agreement
A party unjustifiably fails to substantially
perform his/her contractual obligations.
Discharge by material breach
Discharges non-breaching party from his/her
contractual obligation- can sue for damages
Before the actual time of performance, a party
decides not to complete contract obligation
Anticipatory Repudiation
(considered a material breach). Can occur
express or action
Discharged from obligations under contract- can
Anticipatory Repudiation Non-breaching party
sue immediately for breach
Both parties agree to discharge each other from
Discharge by mutual agreement elements their obligation, substituted contract, accord &
satisfaction, and novation
One party wishes to substitute a different
performance for his/her orginal contractual
Accord and satisfaction
duty. Party’s duty under contract not discharged
until new duty performed
Parties wish to replace one of the parties with a
3rd party. Original duties same under contract,
Novation
but one party discharged, and 3rd party takes
his/her place. All 3 parties must agree
, The occurrence of an unanticipated,
extraordinary event…. impossibility of
Discharge by operation of law
performance, commercial impracticability, and
frustration of purpose
Compensatory (expectation damages),
Types of legal (monetary) damages
consequential, liquidated, nominal, and punitive
Recission, restitution, specific performance,
Types of equitable remedies
injunction, reformation
Sources of contract law Common law and Uniform Commercial Code
UCC Article 2 Applies to contracts for the sale of goods
UCC Article 2A Applies to contracts for the lease of goods
UCC Application Sales of goods
Need subject matter (quantity); offers valid even
UCC Offers
if other terms left open
UCC Options Merchant’s firm offer- no considerations
Can have additional terms; reasonable means of
UCC Acceptance
acceptance; mailbox rule
Required for contracts but not for modifications
UCC Consideration
or firm offers
UCC Writing requirement Sale of goods $500 or more
Common law Application Services, real estate, employment contracts
Need subject matter, price, terms, full details
Common law Offers
agreed upon
Common law Options Need consideration
Common law Acceptance Mirror image rule followed; mailbox rule
Common law Consideration Always required
Real estate; contract not to be performed in 1
Common law Writing requirement
year; paying the debt of another, marriage
UCC and open terms: price Reasonable price at time of delivery
Answers | A+ Graded | With Expert
Solutions
Performance, material breach by 1/both parties,
Elements of Discharge of Contract
mutual agreement, operation of law
All aspects of parties duties under contract are
Complete performance
carried out perfectly
When nearly all terms of agreement completed;
Substancial performance honest effort to complete all terms; and no
willful departure from terms of agreement
A party unjustifiably fails to substantially
perform his/her contractual obligations.
Discharge by material breach
Discharges non-breaching party from his/her
contractual obligation- can sue for damages
Before the actual time of performance, a party
decides not to complete contract obligation
Anticipatory Repudiation
(considered a material breach). Can occur
express or action
Discharged from obligations under contract- can
Anticipatory Repudiation Non-breaching party
sue immediately for breach
Both parties agree to discharge each other from
Discharge by mutual agreement elements their obligation, substituted contract, accord &
satisfaction, and novation
One party wishes to substitute a different
performance for his/her orginal contractual
Accord and satisfaction
duty. Party’s duty under contract not discharged
until new duty performed
Parties wish to replace one of the parties with a
3rd party. Original duties same under contract,
Novation
but one party discharged, and 3rd party takes
his/her place. All 3 parties must agree
, The occurrence of an unanticipated,
extraordinary event…. impossibility of
Discharge by operation of law
performance, commercial impracticability, and
frustration of purpose
Compensatory (expectation damages),
Types of legal (monetary) damages
consequential, liquidated, nominal, and punitive
Recission, restitution, specific performance,
Types of equitable remedies
injunction, reformation
Sources of contract law Common law and Uniform Commercial Code
UCC Article 2 Applies to contracts for the sale of goods
UCC Article 2A Applies to contracts for the lease of goods
UCC Application Sales of goods
Need subject matter (quantity); offers valid even
UCC Offers
if other terms left open
UCC Options Merchant’s firm offer- no considerations
Can have additional terms; reasonable means of
UCC Acceptance
acceptance; mailbox rule
Required for contracts but not for modifications
UCC Consideration
or firm offers
UCC Writing requirement Sale of goods $500 or more
Common law Application Services, real estate, employment contracts
Need subject matter, price, terms, full details
Common law Offers
agreed upon
Common law Options Need consideration
Common law Acceptance Mirror image rule followed; mailbox rule
Common law Consideration Always required
Real estate; contract not to be performed in 1
Common law Writing requirement
year; paying the debt of another, marriage
UCC and open terms: price Reasonable price at time of delivery
