Which of the following statements regarding discharge of contracts is FALSE?1) All parties are relieved of their obligations if the contract is discharged.2) Party A need not pay for any goods received from Party B if Party A willinglyaccepts the partial performance of the contract by Party B.3) A contract that becomes more expensive or difficult to perform will not beautomatically discharged.O 4) A contract will be discharged if it becomes impossible subsequently toperform the contract.

Contracts can be discharged only when either the contracts are performed or by agreement, by…

Answered: Which of the following statements…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Similar questions

Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contract
Which of the following represents the MOST accurate contractual definition of "consideration"? something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms earnest money something that both parties to the contract perceive as valuable something perceived as valuable by at least one party to the contract
If the delivery term in the parties’ contract for the sale of goods is FOB the place at what the goods originated, absent any other agreement, the buyer is responsible for making reasonable arrangements for the goods to be shipped. true or false
Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediately
What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17
A unilateral mistake occurs when a. both contracting parties share the same mistake. b. one party enters a contract under a mistaken assumption. c. one party makes a factually incorrect statement. d. one party makes false statementsto induce the other party to contract while knowing the words are false or being uncertain that they are true.
In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.
What is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.
Parties to a contract ('the Pre-existing Contract) may terminate the contract by entering a further contract, which discharges the Pre-existing Contract. Group of answer choices True False
What is the test for whether a term is a condition? pick one answer from the following: The parties have described the term as a 'condition' or 'essential'. The promisee would not have entered the contract unless assured of strict or substantial performance of the relevant promise. Whether the term provides that performance of the contract is conditional on a contingency being fulfilled, such as finance being obtained, or development consent being granted. It was apparent to the promisor that the promisee would not have entered the contract unless assured of strict or substantial performance of the relevant promise.
Option A is not the answe
Why is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.

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