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PERFORMANCE, BREACH AND DISCHARGE spring 2009

PERFORMANCE, BREACH AND DISCHARGE spring 2009 - PERFORMANCE...

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PERFORMANCE, BREACH AND DISCHARGE
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Discharge of contractual obligations i.e., termination of contractual obligations May occur by Agreement Failure of condition Performance Breach Operation of law
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Discharge by agreement Mutual rescission Accord and Satisfaction Novation
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Discharge by failure of condition Condition - An event, the occurrence or nonoccurrence of which affects a party’s obligation to perform Ex. real property sale
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Discharge by Performance Exact performance discharges Probably most frequent way obligations discharged
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Discharge by Breach Breach - any failure to perform as required under contract Whether or not non-breaching (aggrieved) party discharged depends on nature of breach Complete failure to perform without justification Non-breaching party discharged, has action for breach
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Anticipatory Repudiation Before performance is due, something occurs which clearly indicates that other party won’t perform.
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