lecture notes ch. 17

lecture notes ch. 17 - Chapter 17 Title:BusLawSeal.eps...

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Chapter 17 Performance and Discharge C HAPTER O UTLINE I. Conditions Sometimes performance is conditioned on a certain event.  If the condition is not satisfied,  the obligations of the parties are discharged.  There are three types of conditions. A DDITIONAL B ACKGROUND
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Restatement (Second) of Contracts, Section 224 The  Restatement (Second) of Contracts  is an authoritative source for some of the principles  discussed in this chapter.  Specific sections of the  Restatement  are noted in the text. The following is  the   section   that   relates   to   and   is   cited   in   this   part   of   the   text— Restatement (Second) of Contracts, Section 224. § 224. Condition Defined A condition is an event, not certain to occur, which must occur, unless its non-occurrence is excused, be- fore performance under a contract becomes due. A. C ONDITIONS P RECEDENT A   condition   that   must   be   fulfilled   before   performance   is   required   is   a   condition  precedent. B. C ONDITIONS S UBSEQUENT When a condition operates to terminate a party’s duty to perform, it is a condition  subsequent.   Generally, conditions precedent are common; conditions subsequent are  rare.  The  Restatement (Second) of Contracts  does not use the terms. C. C ONCURRENT C ONDITIONS Concurrent conditions exist when each party’s performance is conditioned on the other’s  simultaneous performance. II. Discharge by Performance Most contracts are discharged by performance—by doing what was promised.  Performance  may also be accomplished by tender. A. T YPES OF P ERFORMANCE
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1.Complete Performance Ordinarily,   express   or   implied-in-fact   conditions   must   fully   occur   for   complete  performance to take place.  Any deviation operates as a discharge. 2.Substantial Performance When a party fulfills his or her contract obligation in good faith with substantial  performance (performance that does not vary greatly from that promised in the  contract), the other party may be held to his or her obligation to perform, less dam- ages for minor deviations. C ASE S YNOPSIS Case 17.1: Jacob & Youngs, Inc. v. Kent Jacob & Youngs, Inc., built a house for Kent. A subcontractor’s oversight led to a failure to install  pipe of “Reading manufacture,” as the contract required. Kent ordered Jacobs to replace it.   Jacobs  refused on grounds that it would mean demolishing the house. Kent did not make the final payment, and  Jacobs sued. The court refused to accept evidence that the installed pipe was of the same quality, ap- pearance, market value, and cost as Reading pipe, and entered a verdict for Kent. The appellate court  reversed. The case was appealed.
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This note was uploaded on 09/05/2011 for the course LAW 3000 taught by Professor Ms.zarac.sette during the Spring '11 term at Hawaii Pacific.

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lecture notes ch. 17 - Chapter 17 Title:BusLawSeal.eps...

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