LEGL - Ch. 8 (Part II) and Ch. 9

LEGL - Ch. 8 (Part II) and Ch. 9 - Introduction to...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Introduction to Contracts Introduction to Contracts Chapter Eight Contract Law Contract Law Third Parties’ Rights Third­party Beneficiaries – Arises when the original parties to a contract intend for the agreement to benefit a third party Intended Beneficiaries Incidental beneficiary Contract Law Contract Law Third Parties’ Rights Assignment of Contract = Transfer of rights under a contract from a one party to a non­ party Contract Law Contract Law Third Parties’ Rights Novation = An agreement which extinguishes the rights and obligations that were in effect under the old agreement Contract Law Contract Law Breach of Contract Breach = A failure by one party to perform its obligation(s) under the contract Contract Law Contract Law Breach of Contract Compensatory Damages Original price: $1,000 Price for replacement: $1,500 Compensatory damages: $500 Contract Law Contract Law Breach of Contract Compensatory Damages Original price: $25,000 Price for replacement: $30,000 Compensatory damages: $5,000 Contract Law Contract Law Breach of Contract Nominal Damages Original price: $1,000 Price for replacement: $750 Nominal damages: $1 Contract Law Contract Law Breach of Contract Breach = A failure by one party to perform its obligation(s) under the contract Remedies: Compensatory damages Nominal damages Liquidated damages Specific performance Rescission Contractual Issues Contractual Issues Chapter Nine Contractual Issues Contractual Issues Written vs. Oral Contracts Statute of Frauds – Specifies that the following types of contracts must be written and signed: Contracts involving an interest in land Contracts to pay the debt of another Contracts that cannot be performed within one year of the date of the agreement Contracts for the sale of goods of $500 or more Contractual Issues Contractual Issues Exceptions to the Statute of Frauds: Part performance of a contract involving an interest in land Specifically manufactured goods rule Judicial admission Contractual Issues Contractual Issues Performance of Contract Complete Performance Substantial Performance Material Breach Contractual Issues Contractual Issues Excuses for Nonperformance Impossibility Waiver Release ...
View Full Document

This note was uploaded on 09/21/2011 for the course LEGL 2700 taught by Professor Reed during the Spring '07 term at UGA.

Ask a homework question - tutors are online