A party's unequivocal indication before contract performance is due that he or she will perform when performance is due is described by which term?

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Study for the Chartered Property Casualty Underwriter 530 Exam with flashcards and multiple choice questions. Each question has hints and explanations to enhance your understanding and prepare you thoroughly.

Multiple Choice

A party's unequivocal indication before contract performance is due that he or she will perform when performance is due is described by which term?

Anticipatory breach (anticipatory repudiation) is when a party, before performance is due, clearly signals that they will not perform as promised. This lets the other party treat the contract as breached immediately, and they may sue for damages or suspend their own performance rather than wait until the due date. The other concepts here don’t fit: a condition concurrent involves each party’s performance depending on the other’s; a donee beneficiary is a third-party beneficiary who gains from the contract; and novation is the substitution of a new contract for the old one.

A party's unequivocal indication before contract performance is due that he or she will perform when performance is due is described by which term?

Study for the Chartered Property Casualty Underwriter 530 Exam with flashcards and multiple choice questions. Each question has hints and explanations to enhance your understanding and prepare you thoroughly.

A party's unequivocal indication before contract performance is due that he or she will perform when performance is due is described by which term?

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