BLS 342- Exam #4 Notes

BLS 342- Exam #4 Notes - 11/15/2010- Exam #4 BLS 342- Day 1...

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11/15/2010- Exam #4 BLS 342- Day 1 Notes Know when to perform, know how to perform Circumstance Resulting in Discharge of Contract o Occurrence or non-occurrence of a condition o Complete or substantial performance o Material breach: Occurs when party unjustifiably fails to substantially perform his obligation under contract o Mutual Agreement o Operation of Law Types of Contract Conditions= delay or relieve a party’s obligation of performance, based upon whether an event happens or fails to happen o Condition Precedent: Particular event that must occur for a party’s duty in arise o **Condition Subsequent (afterwards): Future event that terminates of parties when it occurs. When we can stop performing. Ex) A says to B I will pay you $10 a week to shovel snow, as long as it snows (conditional subsequent). o Concurrent Conditions: Each party’s performance conditioned on simultaneous performance of the other o Express Condition: Condition explicitly state in contract (usually preceded by works such as “conditioned on”, “if”, “provided that” or “when”). Ex) can be ANY form of communication o Implied Condition: Condition not explicitly stated, but inferred from nature and language of contract Types of Performance o Complete Performance: Occurs when all aspects of parties’ duties under contract are carried out Complete discharge from their duty to perform
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This note was uploaded on 11/15/2011 for the course BLS 342 taught by Professor Miller during the Fall '08 term at Miami University.

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BLS 342- Exam #4 Notes - 11/15/2010- Exam #4 BLS 342- Day 1...

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