Performance of Sales and Lease Contracts

The video tutorial covers the concept of personal property and its distinction from real property. It explains the Uniform Commercial Code (UCC) and its role in governing sales and lease contracts. The tutorial delves into the basics of contract performance, including the exchange of value and the tender of performance. It discusses the importance of assurance of performance and the implications of anticipatory repudiation. The video also differentiates between substantial and complete performance, explaining what constitutes a breach of contract and how contracts can be voided under certain conditions.

What does the Uniform Commercial Code primarily govern?

• The sale and lease of goods

• Real estate transactions

• Employment contracts

• Intellectual property rights

In a contract, what is typically exchanged between two parties?

• Promises

• Information

• Value

• Services and goods

What is a tender of performance in a contract?

• A formal agreement

• An offer to perform obligations

• A financial transaction

• A legal dispute

What must a tender of performance be under the circumstances?

• Legally binding

• Mutually agreed

• Commercially reasonable

• Financially beneficial

What can a party demand if they doubt the other party's ability to perform?

• A financial guarantee

• Assurance of performance

• A legal waiver

• A contract amendment

What is the difference between substantial and complete performance?

• Substantial performance fulfills all contract terms

• Complete performance leaves minor terms unfulfilled

• Substantial performance fulfills most but not all material terms

• Complete performance is not required in contracts

What can make a contract voidable?

• Mutual agreement

• Fraud or misrepresentation

• Completion of obligations

• Change in market conditions