
Contract Law - How Contracts End
Presentation
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Business
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11th - 12th Grade
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Practice Problem
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Medium
Jenny Lensch
Used 50+ times
FREE Resource
3 Slides • 8 Questions
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By the end of this lesson students will have an understanding of how contracts come to an end.
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Performance - when both parties fulfill terms of contract
Agreement - contract is terminated by mutual agreement
Impossibility of Performance - contract is legally impossible to fulfill (death, destruction, becomes illegal)
Operation of the Law - wrongful act discharges contract (wrongful alteration, statute of limitations, bankruptcy)
NOTE: If the contract is still valid and active - it has not yet been discharged
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Multiple Choice
Jake agreed to sell his truck to Matt for $20,000. Jake wrecks the truck the day before Matt receives it. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
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Multiple Choice
Tim agreed to sell his home to the Jones family for $150,000 on February 1, 2022. The two parties have agreed upon a closing date of July 1, 2022. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
6
Multiple Choice
Jack borrows $1000 from Bobbi and agrees to repay in one year. Bobbi doesn't receive payment from Jack after one year has passed. 8 years later, Bobbi decides she wants her money back and wants to sue Jack. She learns that the statute of limitations is four years and she is unable to sue. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
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Multiple Choice
Katie pays $200 to the catering company for food for her graduation party. The caterer delivers the food as agreed upon. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
he contract is still valid and active; it has not yet been discharged
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Multiple Choice
Beckett agrees in writing to purchase a tv from Sara for $50. When he goes to exchange money for the tv he discovers the contract price has been changed to $150 and refuses to pay. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
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Multiple Choice
Zach agrees to repair damages to the Smith house sustained in the derecho. 18 months later the work has still not been completed and the Smiths ask Zach when he will get the work done. Zach states it will be another 12 months before he can begin. Zach and the Smiths agree to terminate their agreement. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
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Multiple Choice
On May 1, 2022, Kate and her three best friends sign a one-year lease agreement for an apartment in Iowa City beginning on August 1, 2022. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
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Multiple Choice
Clark hires Jasper to build a website for his business and pays him $500 to do so. It turns out that Jasper is inexperienced and the website doesn't work. How is the contract discharged?
Discharge by Performance
Discharge by Agreement
Discharge by Impossibility of Performance
Discharge by Operation of the Law
The contract is still valid and active; it has not yet been discharged
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