Book Opener

Consider the key terms in the list below. Then use these terms tocomplete the following exercises.dischargedperformanceaccord and satisfactionsubstantial performancetenderlegal tenderoperation of lawstatute of limitationsbankruptcy lawsreasonable time1. With a team of three or four, role-play a situation in which acontract is coming to an end. Use as many of the terms listedabove as possible.2. Present the role-playing exercise to the class. Be animated andenergetic in your presentation.3. Have your classmates critique your team’s performance.4. Read your classmates’ comments and briefly discuss with yourteam how you could improve your role-play.Self-Check Quiz Visitthe UnderstandingBusiness and PersonalLaw Web site atubpl.glencoe.com andclick on Chapter 11:How Contracts Come toan End—Self-CheckQuizzes to prepare forthe chapter exam.Answer the following questions. Refer to the chapter for additional reinforcement.5. Will a court allow a longer time for performance of a contract than the contractspecifies? Explain your answer.6. What is the test called that the courts use to determine satisfactory performance?7. What is it called when one contract is substituted for another? How often is thisprocedure used?8. Can the death or illness of a party be used as an excuse for nonperformance of acontract? Explain your answer.9. What situations “stop the clock” on the statute of limitations?10. Why do some states require a party to make tender, even if the other party cannotfulfill the terms of the contract?11. Why does the law require that some debts be retained after a person declaresbankruptcy?12. What is legal tender?Chapter 11: How Contracts Come to an End 237