Termination of a Contract (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What happens to rights & obligations when a contract is terminated?
What happens to rights & obligations when a contract is terminated?
They come to an end
How many main reasons are there for the termination of a contract?
How many main reasons are there for the termination of a contract?
Four
What is the most common method of contract termination?
What is the most common method of contract termination?
Performance
Can one party unilaterally withdraw from a contract without consequences?
Can one party unilaterally withdraw from a contract without consequences?
No, unless the other party agrees
In frustration, who is at fault for the unforeseen event?
In frustration, who is at fault for the unforeseen event?
Neither party
For breach to terminate a contract, what must the breach affect?
For breach to terminate a contract, what must the breach affect?
A condition (essential term)
What is a condition in a contract?
What is a condition in a contract?
A fundamental term
If a condition is breached, what can the injured party do?
If a condition is breached, what can the injured party do?
Treat contract as terminated & seek damages
If a warranty is breached, can the injured party cancel the entire contract?
If a warranty is breached, can the injured party cancel the entire contract?
No, but may claim compensation
A venue burns down before a concert. What type of termination is this?
A venue burns down before a concert. What type of termination is this?
Frustration