138 CHAPTER 7 CONTRACTS: ENDING CONTRACTS FOR REVIEW Questions 1. What are the five ways a contract may be discharged? (LO 7.1, 7.4) 2. What is novation? (LO 7.4) 3. What are the differences among tender of performance, performance, and substantial performance? (LO 7.1, 7.3, 7.4) 4. What is a breach of contract? (LO 7.5) 5. What is repudiation? (LO 7.5) 6. How are the two types of repudiation different from each other? (LO 7.5) 7. What is the difference between a breach of condition and a breach of warranty? (LO 7.5) 8. What does "frustration" mean in the context of contracts? (LO 7.2, 7.4) 9. What is a liquidated damages clause? (LO 7.6) 10. What is an equitable remedy? (LO 7.6) 1 1. What is "balance of convenience"? (LO 7.6) Activities