ADMS2610-Session3-Ch13

ADMS2610-Session3-Ch13 - ADMS2610 Session 3 Chapter 13(pg...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ADMS2610 Session 3 Chapter 13 (pg. 230-242) Performance of Contractual Obligations Nature and Extent of Performance - Must be done according to terms of contract - Must be exact and precise in order to constitute discharge - Anything less is a breach Tender (the act of performing a contract or the offer of payment of money due under a contract) - Tender of Payment o Performance is made when money paid at time and place required under the contract - Legal Tender o Cannot be refused if tendered by buyer o Seller can refuse credit card, check, bill of exchange unless specified as form of payment - Debt o If proper tender of payment is made and refused by creditor, interest stops running o Debtor need not attempt to pay again - Tender of Performance of an Act o Must deliver goods to proper place at proper time o If refusal by buyer seller need not tender again Discharge by Means Other than Performance - Contracts can be discharged in a number of ways - Termination as a Right o Option to terminate by one party giving notice to the other o Contract provides for a termination right o If done improperly may be liable for damages for improper termination - External Events o Express Terms (discharge by the occurrence of an event specified in the contract): Condition Subsequent
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

ADMS2610-Session3-Ch13 - ADMS2610 Session 3 Chapter 13(pg...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online