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Business Law Nov. 9.docx

Business Law Nov. 9.docx - Business Law Nov 9*assign and...

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Business Law Nov. 9 *assign and delegate Who has the right to sue over breaches? Contracts: Performance and Discharge -A party may be discharged from a valid contract by: -a Conditions occurring—or not occurring -Full performance or material breach by the other party -Agreement of the parties -Operation of law Condition -A Condition Is a qualification in a contract based on a possible future event -A possible future event, the occurrence or nonoccurrence of which will trigger performance of a legal obligation or terminate an existing obligation under a contract. -If a condition is not satisfied, the obligations of the parties are discharged. Three types of conditions: -condition precedent -conditions subsequent -and concurrent conditions -Precedent -Condition that must be fulfilled before a party’s performance can be required. -Requires absolute duty to perform -Examples -Life insurance and real estate contracts -Subsequent -When a condition operates to terminate a party’s absolute promise to perform, after the time of absolute performance was due. -Examples -Teaching contracts & professional employment contracts -Current -When each party’s performance is conditioned on the other party’s performance or tender -Both parties required to perform their duties at the same time -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
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Discharge by operation of law -Material Alteration: innocent party is discharges after material alteration -Statute of Limitations- (parties have a certain amount of time after a breach has occurred to sue and if they don’t they are discharged) -Bankruptcy: generally, bars enforcement of non-exempt transactions -Impossibility of performance -After a contract has been made, supervening events may make performance is impossible.
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