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OMGT 4313 Final GRADED A LATEST 2023/2024 -200 QUESTIONS AND ANSWERS The _________________ establishes a deadline by which a party must sue to enforce a contract - CORRECT ANSWER Statute of limitations Under the common law of contracts, a party is entitled to payment if the party substantially performs the contract. The elements of substantial performance are 1) the party performed in good faith, 2) the performance must not vary greatly from the promised performance, and 3) ____________. - CORRECT ANSWER the performance creates substantially the same benefit as the contractually promised performance Tour Co. contracts to provide tours of Yellowstone National Park to a group of tourists from Europe in June. The tourists are scheduled to fly back to Europe on July 1st. Because of a standoff in Congress, national park funding is cut and Yellowstone National Park is closed to all tourists for the month of June. What is the likely outcome of this situation? - CORRECT ANSWER The contract is discharged and Tour Co. is not required to perform because of impossibility of performance. If Party A breaches the contract, Party B may sue for damages. Party B still must perform any outstanding duties under the contract, unless Party A's breach was ________________,