Trying something different. What do you think of this as an assessment plan for a semester-long Theory II class?

I am changing assessment policies from the previous semester. This semester will be divided into four units, and each unit will have a list of ten (10) skills/concepts. These lists will be posted on Moodle. Your grade for each unit will be as follows:
Show mastery of nine (9) or ten (10) concepts A
Show mastery of eight (8) concepts B
Show mastery of seven (7) concepts C
Show mastery of six (6) concepts D
Show mastery of five (5) or fewer concepts F

Each unit will be capped with a written quiz (50 pts) and an aural skills quiz (50 pts).

Homework assignments will be corrected and recorded, but not graded in the traditional sense, and you will still be required to turn in at least 70% of the assignments to get a passing grade.

There will not be a midterm examination, and the final examination will be an oral final. I will give you one or two pieces of music to analyze the Wednesday before final exam week, and you will schedule a 15-minute block of time during final exam week to discuss your analysis with me one-on-one.