Chapter 17 Notes - Chapter 17- Performance and Discharge-...

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Chapter 17- Performance and Discharge- (Defenses based on discharge) I. Failure of Condition - a. condition : an event that occurs outside the control of the parties, that will determine your obligation to perform b. A parties contractual obligation can be discharged if a condition in the contract is not satisfied c. A condition is possible future event whose occurrence or nonoccurrence will trigger or terminate a contractual obligation. A condition can be: i.Condition precedent - a condition that must be met before the performance is required 1. Don’t have to start performing till this starts happening ii. Condition subsequent - a condition whose occurrence terminates an obligation to perform 1. Ex) scholarship as long as maintain a 3.0 get x amount of dollars 2. Ex) athlete: with the team as long as remain avg of 18 shots per game but the avg drops and he’s off the team iii. Concurrent condition- where contract calls from simultaneous performance that is mutually conditional 1. (Don’t worry about) 2. Very theoretical iv. Express condition- stated as part of the agreement of the parties v. Implied condition- not stated, but implied from the purpose of the contract or the intentions of the parties II. Discharge by performance a. A contractual obligation may be discharge or modified by performance or tender of
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Chapter 17 Notes - Chapter 17- Performance and Discharge-...

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