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Multiple Choice Quiz
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1
A __________ is a particular event that must occur in order for a party's duty to arise.
A)Condition precedent
B)Condition subsequent
C)Concurrent condition
D)Material condition
2
A __________ is a future event that terminates the obligation of the parties when it occurs.
A)Condition precedent
B)Condition subsequent
C)Concurrent condition
D)Material condition
3
__________ occur when each party's performance is conditioned on the performance of the other.
A)Conditions precedent
B)Conditions subsequent
C)Concurrent conditions
D)Material conditions
4
__________ conditions are explicitly stated in the contract.
A)Hypothetical
B)Qualified
C)Express
D)Implied
5
__________ performance occurs when all aspects of the parties' duties under the contract are carried out perfectly.
A)Qualified
B)Unqualified
C)Substantial
D)Complete
6
__________ performance occurs when nearly all of the terms of the agreement have been completed, there has been a good faith effort on the part of the obligor to complete all of the terms of the agreement, and there has been no "willful departure" from the terms of the agreement.
A)Absolute
B)Contractual
C)Substantial
D)Conditional
7
A(n) __________ breach occurs when a party unjustifiably fails to substantially perform his or her obligations under the contract.
A)Material
B)Qualified
C)Inconsequential
D)Conditional
8
Which of the following represents discharge of the contract by mutual agreement?
A)Mutual rescission
B)Accord and satisfaction
C)Novation
D)All of the above
9
Which of the following represents discharge of the contract by operation of law?
A)Bankruptcy
B)Tolling of the statute of limitations
C)Impossibility of performance
D)All of the above
10
Sometimes, when a contract is entered into, both parties recognize that the contract is to fulfill a particular purpose, and the happening of that purpose is said to be a basic assumption on which the contract is made. If, due to factors beyond the control of the parties, the event does not occur, and neither party had assumed the risk of the event's nonoccurrence, the contract may be discharged based on the __________ doctrine.
A)Substantial performance
B)Promissory estoppel
C)Frustration of purpose
D)None of the above





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