Term
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Definition
| before either party to a contract has a duty to perform, one of the parties may refuse to carry out his or her contractual obligations |
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Definition
| the nonperformance of a contractual duty |
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Term
| commercial impracticability |
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Definition
| when a supervening event does not render performance objectively impossible, but does make it much more difficult or expensive to perform, the courts may excuse the parties' obligations under the contract |
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Term
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Definition
| when each party's performance is conditioned on the other party's performance or tender of performance (offer to perform); only occurs when the contract calls for the parties to perform their respective duties simultaneously |
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Term
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Definition
| a possible future event, the occurrence or nonoccurence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract; if this is not satisfied, the obligations of the parties are discharged |
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Term
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Definition
| a condition that must be fulfilled before a party's performance can be required |
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Term
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Definition
| when a condition operates to terminate a party's absolute promise to perform |
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Term
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Definition
| terminate (one's contractual duties) |
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Term
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Definition
| will ordinarily bar enforcement of most of the debtor's contracts by the creditors |
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Term
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Definition
| a contract will be discharged if supervening circumstances make it impossible to attain the purpose both parties had in mind when making the contract |
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Term
impossibility of performance
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Definition
| after a contract has been made, supervening events (such as a fire) may make performance impossible in an objective sense; can discharge a contract |
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Term
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Definition
| the parties must make another agreement that also satisfies the legal requirements for a contract |
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Term
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Definition
| occurs when both of the parties to a contract agree to substitute a third party for one of the original parties; discharges a prior contract |
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Term
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Definition
| completing the duties of a contract |
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Term
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Definition
| an unconditional offer to perform by a person who is ready, willing, and able to do so |
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