Business Law - Chapter 18 outline

Business Law - Chapter 18 outline - Joshua Johnson Business...

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Joshua Johnson Business Law Chapter 18 November 30, 2016 1. Conditions – a request in legal obligation that must be completed to avoid the contract being discharged. a. Conditions Precedent – A condition that must be completed before the performance can be required. b. Conditions Subsequent – when a condition is implemented to terminate something if a promise is failed to be performed. c. Concurrent Conditions – when each party’s performance is dependent upon the other party’s performance. d. Expressed Conditions – an agreement provided by the party, conditions normally are prefaced by words such as if, provided, after, or when. e. Implied Conditions – Understood parts of the agreement. 2. Discharged by Performance – A contract is discharged when the party fails to comply with the performance(s). a. Complete Performance – When the party completes the performance exactly as was agreed upon, and there is no doubt about it.
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