231 CH 10 - CHAPTER 10 CONTRACT PERFORMANCE, BREACH, and...

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CHAPTER 10 CONTRACT PERFORMANCE, BREACH, and REMEDIES
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“Discharge” of Contract “Discharge” = terminated Performance Agreement Operation of Law
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Discharge by Complete Performance Majority of Ks discharged this way Both parties perform as promised Complete performance Party performs exactly as agreed Party meets all conditions in K Performing party can enforce K
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Discharge by Substantial Performance Party in good faith performs substantially all terms of K That party can enforce the contract against the other party “Substantial” = performance that doesn’t vary greatly from promised performance Other party entitled to damages because performance not perfect
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Performance to “Satisfaction” of One Party Issue: reasonable person standard? Personal service contracts: must actually satisfy the party (no reasonable person standard) Examples: portraits, medical/dental work, tailoring Other contracts: reasonable person standard
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Performance to Satisfaction of Third- Party Reasonable person standard usually applied
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231 CH 10 - CHAPTER 10 CONTRACT PERFORMANCE, BREACH, and...

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