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Business Law Chapter 11 Word List

AB
Impossibility of performance due to death or illnessDeath or illness that prevents performance of a personal service contract
Destruction of exact subject matterIf the subject matter that is essential to the perfromance of the contract is destroyed through no fault of either party, the contract is discharged.
Impossibility of performance due to illegalityA contract is considered void if its perfromance would be illegal at the time the agreement was initiated and when performance becomes illegal after the contract has been initiated.
Wrongful alterationAltering or changing a contract .. results in discharge by operation of law.
Statute of LimitationsAll states have a law that specifies in what time a legal action may be brought on a contract.
bankruptcy lawsSet procedures from discharging a debtor's obligations.
substantial performanceslightly less than full performance
tenderAn offer to do what you have agreed to do under a contract
legal tenderUS Coins or currency
Mutual ReleaseAn agreement between two parties to end an agreement.
accord and satisfactionOften used to settle an honest disagreement or unforeseen circumstances regarding an amount owed.
Reasonable timeThe time that is suitable, fair, and proper to the objective in view/


Business Education
Tolland High School
CT

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