OzarCh10outline

OzarCh10outline - Garrett Ozar 2/18/2008 Chapter 10 Outline...

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Garrett Ozar 2/18/2008 Chapter 10 Outline Contract Performance, Breach and Remedies I. Promises of Performance A. Absolute promises- Duties in contracts must be performed or the party that promised the acts will be in breach of contract. B. Conditions- Promises based on future possible events that may or may not occur. Conditions need to be met in order for obligations to be enforced. II. Discharge A. Discharge by performance- Once a performance has been “tendered”, the tendering party has fulfilled their terms of the contract and if the other party refuses to perform, they can sue for “breach of contract”. 1. Complete performance- When all promises are met on both sides and the contract has been completely performed. 2. Substantial performance- The doctrine of substantial performance allows a party, who has substantially performed all the terms of their contract, to enforce the contract onto the other party. 3. Performance to the satisfaction of one of the parties- Once the contract is completed, it must “personally satisfy” one of the participating parties. 4. Performance to the satisfaction of a third party- Some contracts require the satisfaction of a third-party in order for the contract to be enforced. 5. Material breach of contract- When one of the parties does not perform one or more of the contractual duties that was initially agreed upon. B. Discharge by agreement- If an agreement is made between the participating parties, the contract may be discharged. 1. By rescission- (mutual) must be an offer, acceptance, and consideration for the contract to be canceled or terminated in a mutual decision. 2. By novation- Both parties agree for a third party to be substituted for one of the original parties. 3.
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This note was uploaded on 04/18/2008 for the course LAW 251 taught by Professor Willey during the Spring '08 term at W. Carolina.

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OzarCh10outline - Garrett Ozar 2/18/2008 Chapter 10 Outline...

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