chapter_10 performance, breach, remedies

chapter_10 performance, breach, remedies - Chapter 10...

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    Chapter 10 Contract Performance, Breach and Remedies
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    Performance and Discharge • Discharge – the termination of a  duty to perform under a contract. – Parties can receive a discharge by: • Performance • Agreement • Legal defense
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    Discharge by Performance Tender – to offer performance – i.e., Delivering goods or payment Complete Performance – performing  exactly as agreed, fulfilling all  requirements Substantial Performance  -  good faith   performance that provides a party with  the  important and essential benefits  of  the contract, despite minor deviations. Jacob & Youngs, Inc. v. Kent
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    Conditions Condition – an event, the occurrence or  non-occurrence of which will trigger a  legal duty or terminate an existing  obligation under a contract. – Condition Precedent – event must occur  before a duty arises – Condition Subsequent – an event that arises  after a legal duty has attached which  discharges the duty.
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    Performance • Personal satisfaction contracts –  performance is subject to one  party’s satisfaction. • If personal service contract , then courts  will use a subjective standard, although  honesty and good faith are required. • If contract involves mechanical fitness  or utility, then courts use objective  standard – work must satisfy a  reasonable person.
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    Breach of Contract • Breach of contract – the failure to  perform a required contractual  duty. – Material breach – performance is not  substantial.  Non-breaching party is  relieved of duty to perform. – Minor breach – non-breaching party  may suspend performance until  breach is remedied.
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    Time for Performance • Time for performance is usually a  reasonable time, unless the  contract requires a specific  timeframe.
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This note was uploaded on 04/29/2009 for the course BL 230 taught by Professor Hunt during the Spring '09 term at Western Illinois University.

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chapter_10 performance, breach, remedies - Chapter 10...

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