Contract termination, breaches, and terms

The contract is terminated when one party dies.

• True

• False

Each party completing their duty required of the contract is know as....

• Frustration

• Performance

A breach of contract is when one party performs their part.

• True

• False

When one party suffers a prolonged illness which makes them unable to perform the contract.

• Bankrupt

• Frustration

 Returning property, money and goods after a breach.

• specific performance

• restitution

• Waiver

Specified amount in a contract that the harmed party would receive in the event of a breach of contract.

• Recission

• Liquidated damages

A section that limits liability to a certain point such as the purchase price.

• Limitation of liability

• Waiver of breach

A Counter-offer is an offer made in response to a previous offer by the other party.

• True

• False

·       Acceptor is the offerer after accepting the offer.

• True

• False

A false statement made by one party to another party, which has the effect of inducing that party into the contract

• Voidable

• Misrepresentation