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fall 2008 contracts 2 powerpoint

fall 2008 contracts 2 powerpoint - Contract remedies Law $...

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Contract remedies Law -- $$$$ Equity – recission restitution specific performance reformation
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Performance & Discharge A party may be discharged from a valid contract by: Full performance or material breach by the other party. A condition occurring or not occurring. Agreement of the parties. Operation of law.
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Conditions Possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract. Types of Conditions: Conditions Precedent Conditions Subsequent. Conditions Concurrent .
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Discharge by Performance The contract comes to an end when both parties fulfill their respective duties by performing the acts they have promised. Complete vs. Substantial Performance: Complete: strict performance. Substantial: performance does not vary greatly and create substantial benefit. Other party must pay. Performance to the Satisfaction of One of the Parties or a Third Party.
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Material Breach of Contract The nonperformance of a contractual duty.
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