Conditions and the duty of good faith Bar Exam Flashcards - Medical Study Cards
Master Conditions and the duty of good faith with Oncourse flashcards. These spaced repetition flashcards are designed for medical students preparing for NEET PG, USMLE Step 1, USMLE Step 2, MBBS exams, and other medical licensing examinations.
Conditions and the duty of good faith Flashcard Deck - 9 Cards
Flashcard 1: What is the effect of a material breach on the other party’s performance duty under the majority rule?
Answer: A material breach suspends the other party’s remaining performance obligations and permits the other party to terminate and seek damages. If the breach is cured, the other party’s duty to perform may be reinstated.
Flashcard 2: What makes a contract divisible under the majority common-law rule?
Answer: A contract is divisible when the parties’ performances are apportioned into corresponding pairs of parts, and each pair is the agreed equivalent of the other. A party may generally recover for completed units even if it breaches as to later units, subject to the contract’s terms.
Flashcard 3: What is the rule for demanding adequate assurance of performance?
Answer: Under UCC § 2-609 and the majority Restatement approach, a party with reasonable grounds for insecurity may make a written demand for adequate assurance and, if commercially reasonable, suspend performance. Failure to provide adequate assurance within a reasonable time—no more than 30 days under the UCC—is treated as repudiation.
Flashcard 4: What is the UCC rule for breach of an installment contract?
Answer: The buyer may reject a nonconforming installment only if the defect substantially impairs the value of that installment and cannot be cured as permitted by the UCC. The buyer may cancel the entire contract only if the breach substantially impairs the value of the whole contract.
Flashcard 5: When may a seller cure a nonconforming delivery under the UCC?
Answer: The seller may seasonably notify the buyer of an intent to cure and make a conforming delivery within the contract time; after that time, cure is allowed when the seller reasonably believed the nonconforming tender would be acceptable and promptly gives notice. The buyer must allow the permitted cure.
Flashcard 6: What is the common-law substantial-performance rule?
Answer: A party that substantially performs a contract may recover the contract price, minus damages for any defects or omissions. Substantial performance is unavailable when the breach is material.
Flashcard 7: What is the common-law material-breach test?
Answer: Courts consider the extent to which the injured party receives the reasonably expected benefit, the adequacy of monetary compensation, the forfeiture caused by termination, the likelihood of cure, and the breaching party’s good faith.
Flashcard 8: What is the effect of complete performance on a party’s contractual duty?
Answer: Complete performance satisfies the performing party’s own performance duty and generally triggers the other party’s duty to render its agreed exchange. A party that has fully performed may recover the promised payment, subject to valid defenses such as a condition that has not occurred.
Flashcard 9: What performance standard applies to the sale of goods under the UCC?
Answer: The perfect-tender rule generally permits the buyer to reject goods if they fail in any respect to conform to the contract. The seller usually may cure a nonconforming tender within the time for performance, and an installment contract is governed by a substantial-impairment standard.
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