Chapter 13

• All term of a contract has to be followed by the parties, anything less is a breach of contract.
• What is an act of performing a contract or the offer of payment of money that is due under a contract.

  Tender
• Failure to perform the terms of a contract.

  Beach of contract
• Terms that the parties agreed upon and term that are stated in the contractual document.

  Express terms
• Conditions that alters the rights and duties of the parties to a contract, or that may have terminate the contract if it occurs.

  Condition subsequent
• Major, unforeseen events outside the control of the parties that occurs that prevents performance of a contract.

  Force majeure
• Natural disasters that is beyond human control that prevents performance.

  Act of God
• Words or provisions that a court assumes were intended to be included in a contract.

  Implied terms
• When a contract becomes impossible to perform due to an event that is not the fault of any of the parties , and that they could not have predicted.

  Frustrated contract
• Condition that must be satesfied before a contract may come into effect.

  Condition precedent
• Express or implied to give up a right or claim

  Waiver
• Mutual agreement to change the terms or parties to an existing agreement

  Novation
• Major alteration of an agreement that has the effect of discharging the contract and replacing it with agreement.

  Material alteration