Business Law Principles and Practices

Business

Quiz 13 :

The Termination of Contracts: Discharge

Quiz 13 :

The Termination of Contracts: Discharge

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The offer to pay a sum of money, if refused, discharges the contract.
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False

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A novation is another name for an accord and satisfaction.
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False

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Substituting a new third party for one of the original parties is a novation.
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True

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Under the common law, unforeseen hardships that occur after the contract is made and make performance more difficult will discharge the contract.
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Because of a severe throat ailment, Dodd, a singer, was unable to give a concert at Runson Hall according to the terms of his contract. Under the common law rule, Dodd is obligated to obtain a substitute.
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When Wilson finished painting Bryan's house, Bryan paid her the agreed price. The contract was discharged by
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One party's offer to perform a contract is called an accord and satisfaction.
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If one party to a contract deliberately makes a material change in its terms without permission of the other party, the contract is discharged by impossibility.
True False
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If a contract is discharged by substantial performance, the party who performed may recover the full contract price.
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Substantial performance does not apply to contracts calling for payment of money.
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Beaty contracted to install vinyl siding on O'Grady's house for $7,500 during the first two weeks of August. When Beaty arrived on August 1 to install the siding, O'Grady informed him that the job would have to be postponed indefinitely. Beaty's obligation to perform the contract was discharged by
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When a contract ends, the rights and duties that existed under the contract also end.
True False
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To legally call off a contract means to rescind that contract.
True False
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Rescission of a contract occurs when two parties mutually agree to cancel a contract they had previously made.
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Bastian, who lived in a rural area, contracted to have her wedding reception at the Vantage party house about 10 miles from her home. It was the only party house located within 150 miles. Three weeks prior to the wedding, this party house burned to the ground. Under the common law, Bastian's contract with the party house was discharged.
True False
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Palmere owed Witmore $2,000. According to the terms of the agreement the money is due at noon on March 1 at Witmore's place of business. If Palmere tenders $2,000 in cash at the agreed place
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A refusal by a creditor to accept a debtor's offer to pay cash in settlement of his or her debt
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Subjective impossibility usually discharges a contract.
True False
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Both an accord and a satisfaction are needed to discharge a contract.
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A discharge by performance may not occur through
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