True/False
Indicate whether the sentence or statement is true
or false.
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1.
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A
promise to pay in exchange for a promise of performance becomes an absolute duty when the agreement
is formed.
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2.
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When
a condition operates to terminate a party's absolute promise to perform, it is a condition
precedent.
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3.
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A
condition subsequent must be met before a party's performance can be required.
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4.
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Conditions precedent are more common than conditions subsequent.
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5.
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Concurrent conditions occur only when the parties to a contract are required to
perform their respective duties simultaneously.
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6.
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A
seller's duty to deliver becomes absolute once a contract is formed.
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7.
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Most
contracts are discharged by operation of law.
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8.
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When
one party substantially performs his or her duties under a contract, the other party is required to
fully perform.
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9.
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A
contract is substantially performed when performance creates substantially the same benefits as those
promised in the contract.
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10.
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Despite deviations from the specifications in a construction contract, a builder can
be considered to have substantially performed.
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11.
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A
contract that involves mechanical fitness is a contract in which performance must personally satisfy
the party to whom performance is owed.
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12.
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Any
breach excuses the nonbreaching party's duty to perform.
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13.
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Any
breach allows the nonbreaching party to sue for damages.
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14.
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A
breach of contract occurs only when a party fails to perform all of his or her duties under a
contract.
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15.
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Anticipatory repudiation often occurs when price fluctuations render performance of a
contract extremely unfavorable to one of the parties.
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16.
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Anticipatory repudiation discharges a contract.
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17.
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Contracts that are executory on both sides can be rescinded by
agreement.
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18.
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The
formation of a contract whose performance will discharge a previous contract is a
novation.
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19.
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An
innocent party is discharged when the other party alters a written contract without
consent.
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20.
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Foreseeable bad weather conditions can excuse a party from performing a contract on
the ground of commercial impracticability.
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