True/False
Indicate whether the
statement is true or false.
|
|
|
1.
|
The most common way to discharge a contract is by breach.
|
|
|
2.
|
If a contract condition is not satisfied, the obligations of the contracting
parties are discharged.
|
|
|
3.
|
A promise to perform under a contract may be absolute.
|
|
|
4.
|
A condition precedent must be met before a party's performance can be
required.
|
|
|
5.
|
Conditions subsequent are more common than conditions precedent.
|
|
|
6.
|
A buyer's duty to pay becomes absolute once a contract is formed.
|
|
|
7.
|
A party normally satisfies its duties under a contract by novation.
|
|
|
8.
|
Complete performance occurs when conditions in a contract are fully
satisfied.
|
|
|
9.
|
Performance that provides a party with most of the benefits of a contract, in
spite of a deviation from the terms, is substantial performance.
|
|
|
10.
|
An intentional variation from a contract prevents substantial
performance.
|
|
|
11.
|
If a contract requires performance to the personal satisfaction of a party, the
party to be satisfied must act honestly and in good faith.
|
|
|
12.
|
Anything less than complete performance is a material breach of contract.
|
|
|
13.
|
Any breach discharges the nonbreaching party from the contract.
|
|
|
14.
|
Any breach allows the nonbreaching party to cancel the contract.
|
|
|
15.
|
A party's refusal to perform an executory contract is a rescission.
|
|
|
16.
|
To rescind a contract, the parties must make a second agreement that includes
consideration.
|
|
|
17.
|
A novation revokes and discharges a prior contract.
|
|
|
18.
|
The formation of a substituted agreement that does not involve a third party is
a novation.
|
|
|
19.
|
Performance of an accord discharges an original contractual obligation.
|
|
|
20.
|
After a contract is made, a supervening event may make performance impossible
and discharge the contract.
|