Supplementing the Agreement

Supplementing the Agreement - Supplementing the Agreement:...

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Supplementing the Agreement: Implied Terms, the Obligations of Good Faith, and Warranties Wood v. Lucy, Lady Duff-Gordon : implied obligation to use reasonable efforts is a term implied in fact . Implied obligation of good faith. Implied in fact : a term the court decides the parties agreed to even if they didn’t write it down. Leibel v. Raynor Manufacturing : reasonable notice of termination in an ongoing relationship is a term implied in law. U.C.C. §2-309 – where the contract provides for successive performances but is indefinite in duration, it is valid for a reasonable time but unless otherwise agreed may be terminated at any time by either party. Termination of a contract by one party except on the happening of an agreed event requires that reasonable notification be received by the other party and an agreement dispensing with notification is invalid if its operation would be unconscionable . Factors for reasonable notice
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This note was uploaded on 04/10/2011 for the course LAW 501 taught by Professor Roy during the Fall '08 term at Ole Miss.

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Supplementing the Agreement - Supplementing the Agreement:...

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