Quiz on Performance of Contract

What is the definition of performance of a contract according to Sec. 37?

• When one party performs their obligations

• When a contract is void

• When a contract is rescinded

• When parties fulfill their obligations within the specified time

What is 'actual performance' in the context of contracts?

• When a party offers to perform their obligations

• When a contract is terminated

• When both parties fulfill their respective obligations

• When one party attempts to perform their obligations

Which of the following is NOT a requisite of valid tender?

• It must be made to the proper person

• It must be made at the proper time and place

• It must be made in writing

• It must be unconditional

Under what condition can a contract need not be performed?

• When the parties agree to alter it

• When the contract is signed

• When the performance is completed

• When the contract is in writing

Who can demand performance of a contract?

• Both promisee and promisor

• Any third party

• Any legal representative

• Only the promisee

What happens if a joint promisor dies?

• The legal representative must fulfill the promise

• The other joint promisors are discharged

• The contract is void

• The contract is automatically terminated

What is the essence of time in a contract?

• Time may be essential if specified

• Time is only essential in verbal contracts

• Time is always essential

• Time is never essential

What is a reciprocal promise?

• A promise made by a third party

• Promises that form the consideration for each other

• A promise that is independent

• A promise that is conditional

What is the remedy for breach of contract that involves monetary compensation?

• Rescission of the contract

• Specific performance

• Suit for damages

• Injunction

What is a quasi contract?

• A contract that is intentionally entered into

• A contract that is void

• A contract that requires personal skill

• A contract created by law without agreement