4 - performance, and that the performance does not deviate...

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6. When do courts grant specific performance as a remedy? 1. What contracts must be in writing to be enforceable? Contracts that must be in writing are historically deemed to be important or complex, including but not limited to contracts involving interests in land, contracts with terms that cannot be performed within a year's time, promises to answer for another's debt or duty, promises made in consideration of marriage, and collateral promises. 2. If it is possible for a contract to be performed within one year, must it be in writing? No it is not possible. 3. How are most contracts discharged? Contracts are discharged when both parties perform the acts that they promised to perform, or when through tender a party offers to perform that act and is able and prepared to perform. 4. What is a substantial performance? A substantial performance is when the terms of the contract are satisfied by the actual
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Unformatted text preview: performance, and that the performance does not deviate significantly from those terms. Whether a performance is deemed to be substantial is decided by the courts on a case by case basis. Damages can be awarded even when a contract is considered to be substantially performed. 5. Under what circumstances is the remedy of rescission and restitution available? Rescission with restitution is typically used to remedy situations where fraud, mistakes, duress or a failure of consideration were present within the contract negotiation and development process. 6. When do courts grant specific performance as a remedy? Specific performance would be granted when monetary damages would be inadequate compensation because the goods under consideration were unique and consequently, satisfactory substitutions do not exist....
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This note was uploaded on 07/31/2010 for the course BUS 0987 taught by Professor Fogli during the Summer '10 term at SUNY Schenectady County.

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