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CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE
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Learning Objectives: Types of Conditions Performance of Conditions Excuses for Nonperformance Discharge of Contracts Chapter 192 CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE
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1.Definition: an act or event that triggers performance of a promise. 2.Types of Conditions: a.Classifications as to when conditioning event must occur: i.Condition Precedent: condition must occur before duty to perform arises. ii.Conditions Concurrent: performances must occur at the same time. iii.Conditions Subsequent: event discharges a duty to perform. Chapter 193 CONDITIONS
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1.Definition: an act or event that triggers performance of a promise. 2.Types of Conditions: a.Classifications as to when conditioning event must occur b.Classifications as to the way they are created: i.Express Conditions: stated in contract. ii.Constructive Conditions: imposed by the court. Chapter 194 CONDITIONS
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1.Tender of Performance a.Definition: offer to perform b.Consequences if tender of payment is made 2.Substantial Performance a.Definition: performance is considerable, with only shortcomings of a trivial nature. b.Consequences: nonmaterial breach. Chapter 195 PERFORMANCE OF CONDITIONS
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3.Divisibility: Installment Contracts 4.Anticipatory Repudiation a.Definition: refusal to perform is stated before time of performance. b.Result: non-repudiating party has an election of remedies. Chapter 196 PERFORMANCE OF CONDITIONS
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1.Hindrance, Prevention, or Noncooperation 2.Waiver 3.Impossibility of Performance 4.Commercial Frustration 5.Commercial Impracticability Under the Code Chapter 197 EXCUSES FOR NONPERFORMANCE
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1.Methods 2.Payment 3.Accord and Satisfaction 4.Statute of Limitations Chapter 198 DISCHARGE OF CONTRACTS
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CHAPTER 19: CONTRACT PERFORMANCE, NONPERFORMANCE, AND DISCHARGE
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