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Questions and Answers
What is the general rule regarding performance of a contract?
What is the general rule regarding performance of a contract?
- Performance can be modified by the parties' agreement
- Performance can be partial and still be considered complete
- Performance must match exactly and completely (correct)
- Performance must match exactly and partially
What is the result if one party tenders performance but the other party refuses?
What is the result if one party tenders performance but the other party refuses?
- The party that tendered performance is in breach of contract
- The parties' obligations are discharged (correct)
- The parties' obligations are still enforceable
- The party that refused performance is in breach of contract
What is the term for a contract that can be enforced in separate parts?
What is the term for a contract that can be enforced in separate parts?
- Substantially performed contract
- Partially performed contract
- Divisible contract
- Severable contract (correct)
What is the result if a party is prevented from performing their obligations?
What is the result if a party is prevented from performing their obligations?
What is the term for a situation where a party has largely performed their obligations?
What is the term for a situation where a party has largely performed their obligations?
What is the result if a time is set for performance and it is not met?
What is the result if a time is set for performance and it is not met?
What is the primary way a contract can be discharged?
What is the primary way a contract can be discharged?
In what type of contracts can each party's obligation be enforced separately?
In what type of contracts can each party's obligation be enforced separately?
What is the term for when a party has substantially performed their obligations and may be entitled to appropriate payment?
What is the term for when a party has substantially performed their obligations and may be entitled to appropriate payment?
What happens to the general rule of performance if one party refuses the tendered performance of the other?
What happens to the general rule of performance if one party refuses the tendered performance of the other?
What is the consequence of not meeting a set time for performance in a contract?
What is the consequence of not meeting a set time for performance in a contract?
What must be made clear by both parties for time to be of the essence in a contract?
What must be made clear by both parties for time to be of the essence in a contract?
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