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Chapter 17

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
conditional clauses   1)condition precedent 2)condition subsequent 3)concurrent conditions  
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substantial performance   a party that substantially performs its obligations will receive the full contract price minus the value of any defects  
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personal satisfaction contract   the promise makes a personal, subjective evaluation of the promise's performance  
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commercial impracticability   some event has occurred that neither party anticipated and fulfilling the contract would now be extraordinary difficult and unfair to the one party  
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frustration of purpose   some event has occurred that neither party anticipated and the contract now has no value for one party  
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condition   an event that must occur before a party becomes obligated  
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strict performance   requires one party to fulfill its duties perfectly ( unusual )  
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material breach   is the only kind that will discharge a contract  
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Created by: jgalindo
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