notes for final

notes for final - For Final Exam 20,33,34 Know When to...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
For Final Exam 20,33,34 Know When to perform o Know when you and the party have to perform Know when you don’t have to perform (Discharge) o Court will no longer be able to boss us around o Know when you and the party have to stop performing Circumstances resulting in Discharge of Contract Occurrence or non-occurrence of a condition Complete or substantial performance Material breach: occurs when party unjustifiably fails to substantially perform his obligations under contract Mutual agreement Operation of law Types of Conditions Contract condition- will either delay or relieve a parties obligation of performance based on weather and event happens or fails to happen Condition precedent: particular event that must occur for the party’s duty to arise Condition subsequent: Future event that terminates obligations of parties when it occurs (going to be on exam) o SUBSEQUENT means AFTERWARD tells us when we can stop performing o A says that I will pay you 10 dollars a week to shove snow as long as it snows. So this tells me when it can stop (like in the month of June b/c no more snow) o Ones is definitional on the exam, and one will be more applied Concurrent conditions: each party’s performance conditioned on simultaneous performance of the other o Where both parties agree to make a performance and they do it simultaneously Express condition: condition explicitly state in contract (usually preceded by words such as “conditioned on”, “if”, provided that, or when o Think of a communication (could be oral, written, morse code, hand signals) o Usually written or oral, and usually when they are written or oral they will have a prefixed that says I will pay you five dollars on the condition that you…. .I will pay you five dollars as soon as you….(the person will not be obligated by the contract until the other person does something.) Implied condition: condition not explicitly stated by inferred from nature and ;language of the contract o Take a look at the actions of the parties and you make a determination that they are not trying to express something, so it is an inference based on what you see or here (inferred from the nature and language of the contract) o Say to Shawn that you will pay him 500 dollars until he paints the house… so the obligation is delayed/relieved until happening of certain event (painting of the house) o Condition must be made (need to tell Shawn what color to paint the house) will not complete action until the condition is met Types of performance
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Complete performance: Occurs when all aspects of parties duties under contract are carried out. (have to look at each party cause each one has separate liabilities) Can be complete or tendered performance Tender- to present to or provide to or offer to. “a person will tender their performance.” Tendered performance- have satisfied my requirements of performing my duty, so then the person is discharged from the contract
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 10/27/2011 for the course MKT 291 at Miami University.

Page1 / 11

notes for final - For Final Exam 20,33,34 Know When to...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online