DISCHARGE OF DUTIES

DISCHARGE OF DUTIES - a. Where you have an unforeseeable...

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DISCHARGE OF DUTIES 1.) Failure of a condition a. Can be extremely important. If any condition is failed, the whole thing can go down. 2.) Agreement of the parties a. Mutual cancellation. If both parties agree, the contract is torn apart. 3.) Accord or satisfaction a. Substituted an old duty in place of a new duty. Called an accord. The contract will not be destroyed until the new duty is entirely complete. 4.) Novation a. Landlord releases old tenant from contract, and can only collect from new tenant. b. You might have to pay the landlord to 5.) Impossibility/ Commercial impracticability
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Unformatted text preview: a. Where you have an unforeseeable event that makes contract agreement much harder to accept. i.e. all of your employees go on strike. 6.) Operation of law a. Law says you can be discharged Remedies and Damages 1.) Equitable Remedies a. Rescission b. Specific Performance c. Reformation 2.) Legal Remedies a. Compensatory Damages i. Direct pay for something, to compensate b. Consequential Damages i. Try to make the work with another end 1. A tenant is going to move out, he has to find someone else to take over his contract and move in. c. Liquidated damages....
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This note was uploaded on 05/20/2008 for the course MGMT 246 taught by Professor Apke during the Spring '08 term at CSU Fullerton.

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DISCHARGE OF DUTIES - a. Where you have an unforeseeable...

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