Question 1

A method of discharging contractual obligations by agreement is&#10;A)rescission.&#10;B)release.&#10;C)novation.&#10;D)all of the above.

Accepted Answer

Rescission is the agreement to cancel a contract and return the parties to their pre-contractual positions. Release is the agreement to discharge one party's obligations under a contract. Novation is the agreement to substitute a new party or obligation under the contract. Therefore, all of the above options are methods of discharging contractual obligations by agreement.

Question 2

Discharge by performance occurs by&#10;A)completion.&#10;B)breach.&#10;C)statute.&#10;D)release.

Accepted Answer

D

Question 3

A method of discharge by nonperformance is&#10;A)frustration of purpose.&#10;B)impossibility of performance.&#10;C)all of the above.&#10;D)none of the above.

Accepted Answer

Both frustration of purpose and impossibility of performance are methods of discharge by nonperformance. Frustration of purpose occurs when performance of a contract becomes impossible because the principal purpose of the contract has been frustrated, while impossibility of performance occurs when performance of a contract becomes impossible due to an unforeseeable event beyond the control of the parties. Therefore, the correct answer is C, all of the above.

Question 4

Performance occurs when the parties complete their obligations under the contract.

Accepted Answer

Performance is when all parties fulfill their obligations according to the terms of the contract.

Question 5

Which of the following is a condition implied by a court?&#10;A)Precedent&#10;B)Subsequent&#10;C)Constructive condition&#10;D)Concurrent condition

Accepted Answer

Constructive conditions are those that are not explicitly stated by the parties involved but are implied by law to ensure fairness and justice in the fulfillment of contractual obligations. Courts often imply these conditions to ensure that the contractual objectives of the parties are met in a reasonable manner.

Question 6

An agreed change of contractual obligations is&#10;A)rescission.&#10;B)modification.&#10;C)release.&#10;D)conditional.

Accepted Answer

A modification is an agreed change of contractual obligations. Rescission is the cancellation of the contract in its entirety, release is the agreement to let one party out of their contractual obligations, and conditional refers to a contract that is contingent on certain events taking place.

Question 7

Parties cannot discharge their obligations by agreement.

Accepted Answer

Parties can discharge their obligations by mutual agreement, which is a common method for ending a contract or settling obligations.

Question 8

A condition qualifies the contractual obligation.

Accepted Answer

A condition is a future uncertain event upon the happening of which the contractual obligation becomes binding. If the condition is not fulfilled, the obligation does not arise. Therefore, a condition qualifies the contractual obligation.

Question 9

Discharge occurs when the parties are relieved of their contractual obligations.

Accepted Answer

Discharge means that the parties involved in a contract are released from their contractual obligations. This can occur in a few different ways, such as through performance, agreement, frustration, or breach. Once a contract has been discharged, the parties are no longer bound by its terms and can move on to other things.

Question 10

A contract that settles disputed claims is which of the following?&#10;A)Satisfaction&#10;B)Accord&#10;C)Accord and satisfaction&#10;D)None of the above

Accepted Answer

An accord and satisfaction is a contract that settles disputed claims. It occurs when two parties make an agreement to settle a claim, and the party owing the money pays a lesser amount than originally agreed upon. This agreement is binding and legally enforceable. It is a combination of both an accord, which is the agreement to settle a claim, and satisfaction, which is the performance of that agreement.

Question 11

Which of the following is a method of discharge by nonperformance in the commercial context?&#10;A)Impracticability&#10;B)Release&#10;C)Breach&#10;D)Frustration of purpose

Accepted Answer

The answer of Which of the following is a method...

Question 12

Discharge by operation of law occurs through which of the following?&#10;A)Bankruptcy&#10;B)Statute of limitations&#10;C)All of the above&#10;D)None of the above

Accepted Answer

The answer of Discharge by operation of law occurs through...

Question 13

The failure of a party to perform contractual obligations is&#10;A)release.&#10;B)integration.&#10;C)rescission.&#10;D)breach.

Accepted Answer

The answer of The failure of a party to perform...

Question 14

An express condition is presumed under the law.

Accepted Answer

The answer of An express condition is presumed under the...

Question 15

A new contract in substitution of an old contract is which of the following?&#10;A)Breach&#10;B)Rescission&#10;C)Release&#10;D)Novation

Accepted Answer

The answer of A new contract in substitution of an...

Question 16

Novation is not a method of discharge.

Accepted Answer

The answer of Novation is not a method of discharge....

Question 17

A condition precedent qualifies the obligation after the contract is consummated.

Accepted Answer

The answer of A condition precedent qualifies the obligation after...

Question 18

Breach occurs when a party fails to perform contractual obligations.

Accepted Answer

The answer of Breach occurs when a party fails to...

Question 19

Discharge can occur because of impossibility of performance.

Accepted Answer

The answer of Discharge can occur because of impossibility of...

Question 20

Modification is a method to alter obligations under a contract.

Accepted Answer

The answer of Modification is a method to alter obligations...

Question 21

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performance.&#10;Commercial method of impossibility of performance.&#10;Commercial method of impossibility of performance.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;A condition that occurs at the same time.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Completion of obligations to a contract.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise after contractual obligation.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Condition that qualifies promise before contractual obligation occurs.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Time period to file a lawsuit.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Failure to perform contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Voluntary agreement to terminate contractual obligations.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.&#10;Contract to settle claims and disputes.

Accepted Answer

The Answer of accord and satisfaction and condition precedent and is...

Deck 9: Performance and Discharge of the Contract