LAW 404 Review Questions 2023 (with complete solutions)

A(n) __________ is a contract by which an obligee promises to accept a stated performance in satisfaction of the obligor's existing contractual duty correct answers accord Which type of condition is more common? correct answers conditions precedent are common in contracts A(n) __________ is a substituted contract that involved an agreement among three parties to substitute a new promise for the existing promise or to replace the existing promisor with a new one. correct answers novation Even though all creditors have not been paid in full, a discharge under the __________ eliminates ordinary contract claims against the debtor correct answers bankruptcy law __________ is performance that, though incomplete, does not defeat the purpose of the contract correct answers Substantial performance A __________ is an event that terminates an existing duty correct answers condition subsequent In most contracts, discharge takes place by: correct answers performance __________ is an offer by one party—who is ready, willing, and able to perform—to the other party to perform his obligation according to the terms of the contract correct answers tender The fact that no time is specified in the contract means that: correct answers a reasonable time for performance will be implied Which of the following will be seen as commercial impracticability? correct answers Performance is rendered unjust by a supervening event not caused by her own fault. Where, after a contract is made, a party's principal purpose is substantially frustrated without his fault by the occurrence of an event whose nonoccurrence was a basic assumption on which the contract was made, his remaining duties can be discharged by: correct answers frustration of purpose. By operation of law one might be able to discharge their contractual obligations by: correct answers bankruptcy. Wilma has an insurance policy on the contents of her apartment, which requires that she notify the insurance company within 60 days of any loss before she is eligible to receive payment for her loss. The notification requirement is: correct answers condition precedent. Which of the following is a contract with a condition subsequent? correct answers Adam bought an iPad but he may return the iPad within one month and get all of his money back.