Understanding Contractual Conditions and Contingencies, Quizzes of Business and Labour Law

Download Understanding Contractual Conditions and Contingencies and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 an event whose happening or nonhappening affects a duty or performance DEFINITION 1 Condition TERM 2 contingency explicitly set forth In language DEFINITION 2 express condition TERM 3 express condition making performance contingent upon one party's approval of the others performance DEFINITION 3 satisfaction TERM 4 approval based upon a party's honestly held opinion DEFINITION 4 Subjective satisfaction TERM 5 approval based upon whether a reasonable person would be satisfied DEFINITION 5 Objective satisfaction TERM 6 contingency understood by the parties to be part of the agreement, though not expressed DEFINITION 6 Implied-In-Fact condition TERM 7 contingency not contained in the language of the contract but imposed by law; also called constructive condition DEFINITION 7 Implied-In-Law condition TERM 8 conditions that are to take place at the same time DEFINITION 8 concurrent conditions TERM 9 an event that must or must not occur before performance is due DEFINITION 9 conditions precedent TERM 10 An event that terminates a duty or performance DEFINITION 10 Conditions subsequent TERM 21 Substituted duty under a contract (accord) and the discharge of the prior contractual obligation by performance of the new duty (satisfaction) DEFINITION 21 Accord and Satisfaction TERM 22 a substituted contract involving a new third party promisor or promisee DEFINITION 22 Novation TERM 23 performance of contract cannot be done DEFINITION 23 Impossibility TERM 24 the promisor- but not all promisors- cannot perform; does not discharge the promisor DEFINITION 24 Subjective Impossibility TERM 25 no promisor is able to perform; generally discharges the promisor DEFINITION 25 Objective Impossibility TERM 26 will discharge contract if it occurs without the promisor's fault DEFINITION 26 destruction of subject matter TERM 27 If performance becomes illegal or impractical as a result of a change in the law, the duty of performance is discharged DEFINITION 27 Subsequent Illegality TERM 28 principal purpose of a contract cannot be fulfilled because of a subsequent event DEFINITION 28 Frustration of Purpose TERM 29 where performance can be accomplished only under unforeseen and unjust hardship, the contract is discharged DEFINITION 29 Commercial Impracticability TERM 30 discharge available to a debtor who obtains an order of discharge by the bankruptcy court DEFINITION 30 Bankruptcy