BL-Chapt17 - Print Chapter Page 1 of 21 Performance and...

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Performance and Discharge Chapter Introduction 17-1 Conditions 17-1a Conditions Precedent 17-1b Conditions Subsequent 17-1c Concurrent Conditions 17-1d Express and Implied-in-Fact Conditions 17-2 Discharge by Performance 17-2a Types of Performance 17-2b Material Breach of Contract 17-2c Anticipatory Repudiation 17-2d Time for Performance 17-3 Discharge by Agreement 17-3a Discharge by Rescission 17-3b Discharge by Novation 17-3c Discharge by Substituted Agreement 17-3d Discharge by Accord and Satisfaction 17-4 Discharge by Operation of Law 17-4a Alteration of the Contract 17-4b Statutes of Limitations 17-4c Bankruptcy 17-4d Impossibility or Impracticability of Performance Chapter Recap Page 1 of 21 Print Chapter 2010-8-30 ..
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Chapter Introduction Just as rules are necessary to determine when a legally enforceable contract exists, so also are they required to determine when one of the parties can justifiably say, "I have fully performed, so I am now discharged from my obligations under this contract." The legal environment of business requires the identification of some point at which the parties can reasonably know that their duties are at an end. The most common way to discharge , or terminate, one's contractual duties is by the performance of those duties. For example, a buyer and seller have a contract for the sale of a 2009 Lexus for $39,000. This contract will be discharged by performance when the buyer pays $39,000 to the seller and the seller transfers possession of the Lexus to the buyer. The duty to perform under a contract may be conditioned on the occurrence or nonoccurrence of a certain event, or the duty may be absolute . In the first part of this chapter, we look at conditions of performance and the degree of performance required. We then examine some other ways in which a contract can be discharged, including discharge by agreement of the parties and discharge by operation of law. Page 2 of 21 Print Chapter 2010-8-30 ..
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17-1 17-1a 17-1b 17-1c 17-1d Conditions Conditions Precedent Conditions Subsequent Concurrent Conditions Express and Implied-in-Fact Conditions In most contracts, promises of performance are not expressly conditioned or qualified. Instead, they are absolute promises . They must be performed, or the parties promising the acts will be in breach of contract. In some situations, however, performance is contingent on the occurrence or nonoccurrence of a certain event. A condition is a possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract. If this condition is not satisfied, the obligations of the parties are discharged. Suppose that Alfonso offers to purchase a painting from Jerome only if an independent appraisal indicates that it is worth at least $10,000. Jerome accepts Alfonso's offer. Their obligations (promises) are conditioned on the outcome of the
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This note was uploaded on 10/12/2011 for the course ACCT 362 taught by Professor Mint during the Fall '11 term at CUNY Queens.

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BL-Chapt17 - Print Chapter Page 1 of 21 Performance and...

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