Chapter 10 Contract Performance, Breach, and Remedies.ppt
Chapter 10Contract Performance, Breach, and Remedies Introduction How does a party know when his or her obligations under the contract are at an end? A party may be discharged from a valid contract by: A condition occurring or not occurring. Full performance or material breach by the other party. Agreement of the parties. Operation of law. §1: Performance and Discharge Conditions: Possible future event, the occurrence or urrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract. Conditions Types of Conditions: Conditions Precedent. Conditions Subsequent. Conditions Concurrent. Express. Implied in Fact. Implied in Law. Discharge by Performance The es to an end when both parties fulfill their respective duties by performing the acts they have promised. Types of Performance: Complete Performance. Substantial Performance (minor breach). Performance to the Satisfaction of One of the Parties or a Third Party. Case : Jacobs & Young v. Kent (1921). Material Breach of Contract Breach of Contract - the nonperformance of a contractual duty. Material breach occurs when there has been a failure of consideration. Discharges the non breaching party from the contract. In a minor (non-material) breach, the duty to perform is not excused and the non-breaching party must resume performance of the contractual obligations undertaken. Time for Performance. If none specified, reasonable time is implied. Case : Mangaro Corp. v. HITT Contracting, Inc. (2002). Breach of Contract Discharge by Agreement Discharge by Rescission. Discharge by Novation: Previous obligation. All parties agree to new contract. Extinguishment of old obligations. New Contract Formed. Discharge by Substituted Agreement. Accord and Satisfaction. Discharge by Operation of Law Alteration of The Contract. Statutes of Limitations. Bankruptcy. Impossibility or Impracticability. Impossibility or Impracticability of Performance Obj
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