A concurrent condition is a future event that terminates the obligations of the parties when it occurs.

Which of the following occurs when parties agree that they simply wish to discharge each other from their mutual obligations and, therefore, rescind or cancel the contract?

Restitution is the termination of a contract, and rescission is the return of any property given up under the contract.

Which of the following describes a contract as “a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty”?

Which of the following are formal contracts?

A breach occurs whenever a party fails to perform her obligations under the contract.

Quasi-contracts are also known as implied-in-fact contracts.

What type of agreement do contracting parties have when the sale itself is contingent on approval?

Which of the following are recognized exceptions to the statute of frauds?

A relationship in which one party has an unusual degree of ________ in the other can trigger concern about undue influence in gaining the assent of the more dependent party.